A report released by the Labor Department on Tuesday showed consumer prices in the U.S. increased in line with economist estimates in the month of February.
The Labor Department said its consumer price index rose by 0.2 percent in February after climbing by 0.5 percent in January. Economists had expected consumer prices to rise by 0.2 percent.
The uptick in consumer prices partly reflected higher prices for for shelter, apparel, and motor vehicle insurance.
The energy price index inched up by 0.1 percent in February after jumping by 3.0 percent in January, while food prices were unchanged.
Core consumer prices, which exclude food and energy prices, also edged up by 0.2 percent in February following a 0.3 percent increase in January. The uptick in core prices also matched expectations.
The Labor Department said the indexes for household furnishings and operations, education, personal care, and airline fares also increased in February.
In contrast, the indexes for communication, new vehicles, medical care, and used cars and trucks declined over the month.
Compared to the same month a year ago, consumer prices were up by 2.2 percent in February, reflecting a modest acceleration from the 2.1 percent increase in January.
Core consumer prices were up by 1.8 percent year-over-year, unchanged from the annual rate of growth seen in the previous month.
On Wednesday, the Labor Department is scheduled to release a separate report on producer prices in the month of February.
Producer prices are expected to inch up by 0.1 percent, while core producer prices are expected to rise by 0.2 percent.