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Updated on: March 11, 2026 / 3:13 PM EDT
/ CBS News
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The Consumer Price Index rose at an annual rate of 2.4% in February, unchanged from the prior month and representing a cooler pace than economists had forecast.The Labor Department data captures the period before the Iran war broke out in late February. Since then, oil prices have surged, driving inflation concerns among investors. "Inflation was starting to ease in late 2025 and early 2026, but that will be short-lived as the war in Iran triggers price increases for energy, food and other items," said Heather Long, chief economist at Navy Federal Credit Union, in an email.By the numbersInflation was forecast to rise 2.5% last month, according to economists polled by financial data firm FactSet. The CPI, a basket of goods and services typically bought by consumers, tracks changes in those prices over time.Inflation has averaged 2.5% over the last three months, compared with about 2.9% in August, September and November. October's CPI report was canceled because of the government shutdown.So-called core inflation, a measure of CPI that excludes volatile food and energy prices, rose 2.5% on an annual basis. That's unchanged from January, according to the Bureau of Labor Statistics.Food costs rose faster than overall inflation, rising 3.1% on an annual basis, while food away from home — or the cost of eating out — jumped 3.9%.
