United States Inflation RateFebruary 2023 Data - 1914-2022 Historical

The annual inflation rate in the US slowed to 6% in February of 2023, the lowest since September of 2021, in line with market forecasts, and compared to 6.4% in January. Food prices grew at a slower rate (9.5% vs 10.1%) while the cost of used cars and trucks continued to decline (-13.6% vs -11.6%). Also, costs slowed sharply for energy (5.2% vs 8.7%) and fuel oil (9.2% vs 27.7%) with gasoline prices falling 2% after a 1.5% rise in January. On the other hand, prices rose faster for electricity (12.9% vs 11.9%) and shelter (8.1% vs 7.9%). Core inflation which strips out the cost of food and energy edged lower to 5.5% from 5.6%. Compared to the previous month, the CPI rose 0.4%, following a prior 0.5% gain and also matching forecasts. The core rate, however, edged higher to 0.5% from 0.4%, compared to forecasts of 0.4%. Inflation in the US remains three times above the Fed's target of 2%.

The annual inflation rate in the US likely reached 6% in February of 2023, slowing for an eighth straight month and marking the lowest level since September of 2021. Core inflation, which strips out food and energy prices, is seen edging down to 5.5% from 5.6%, also the lowest since late 2021. Compared to January, the CPI likely rose at a softer 0.4%, following a prior 0.5% gain, while the core index grew by 0.4% for a third straight month. The report is expected to show gasoline prices were up nearly 1% on the month, and further upward pressure came from the cost of used cars, shelter, and airfares. Still, inflation is set to remain three times above the Fed's target of 2%.

The annual inflation rate in the US slowed only slightly to 6.4% in January of 2023 from 6.5% in December, less than market forecasts of 6.2%. Still, it is the lowest reading since October 2021. A slowdown was seen in food prices (10.1% vs 10.4%) while the cost of used cars and trucks continued to decline (-11.6% vs -8.8%). In contrast, the cost of shelter increased faster (7.9% vs 7.5%) as well as energy (8.7% vs 7.3%), with gasoline prices rising 1.5%, reversing from a 1.5% decline in December. On the other hand, both fuel oil (27.7% vs 41.5%) and electricity prices slowed (11.9% vs 14.3%). Although inflation has shown signs of peaking at 9.1% in June last year, it remains more than three times above the Fed's 2% target and continues to point to a broad-based advance on the general price level, particularly services and housing. Compared to December, CPI rose 0.5%, the most in three months, mostly due to the higher cost of shelter, food, gasoline, and natural gas.