US CPI Inflation Holds at 2.4 Percent as Oil Price Spike Looms

US consumer inflation held steady at 2.4 percent year over year.

“Close × Consumer Price Index: Inflation at 2”

Advisor Perspectives

Core CPI also held steady at 2.5 percent.

CNBC

Shelter costs were the largest contributor to the monthly rise, increasing 0.2 percent.

Food prices rose 0.4 percent following a softer gain the prior month.

The CPI data does not include the impact of the oil price surge.

Brent crude jumped from about $70 to nearly $120 per barrel within days.

Kiplinger

Analysts agree the oil spike will show up in CPI figures over the next three months.

A $10 per barrel increase can add roughly 0.2 percentage points to the CPI.

Core goods prices rose 0.1 percent month over month.

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Financial Times

Apparel prices jumped 1.3 percent.

Services inflation showed some cooling driven by easing travel costs.

Headline inflation was at its lowest in five years.

Progress on the inflation front was showing signs of petering out even before the oil shock.

Morningstar

RSM's Brusuelas said the February data was already fully priced in.

The Middle East conflict introduces considerable uncertainty into the inflation trajectory.