The Bureau of Labor Statistics (BLS) reported that the year-over-year Consumer Price Index (CPI) stood at 6%, down slightly by 0.4% from January. High levels of inflation continue to affect citizens, who are losing a large part of their savings and finding it more difficult to make ends meet.

On the other hand, the underlying CPI -which excludes food and energy prices- increased its year-on-year rate to 5.5%, half a point higher than last month.

In February, the price of gasoline rose by 1%, while electricity increased by 0.5%. The cost of municipal natural gas decreased 8% while food increased by 0.4%.

The February CPI data was released at a dire economic time, with a financial crisis - following the failure of Silicon Valley Bank (SVB) and Signature Bank - reminiscent of the collapse of Lehman Brothers in 2008.