Inflation rose 0.3% in Februrary for an overall average of 2.4% over the last 12 months, the same rate as in January.
The price of shelter rose by 0.2% in February alongside a 0.4% increase in the price of food. The index for energy also increased by 0.6%.
Heather Long, an economist at Navy Federal, said inflation is a “whack-a-mole” where prices increase at wildly variable rates from month to month.
“Just as some items go back to normal price points, other items start spiking,” Long said. “It’s hard to budget and plan when you don’t know what’s spiking next.”
Experts pointed to gas prices rising since the joint U.S.-Israel strikes in Iran.
In the past year, restaurant prices increased by 3.9%; medical care increased by 4.1%; electricity prices increased by 4.8% and utility gas increased by 10.9%.
Long said it could be a while before gas prices go down.
“It’s hard for moderate-income Americans when food, utilities, gas and medical care are rising quickly,” Long said.
