Consumer inflation remained unchanged at 2.4% year-over-year in February

Consumer inflation held steady at 2.4% in February, in line with market expectations, according to official data released Wednesday.

The consumer price index (CPI) advanced by 2.4% year-on-year, the same pace as in January. In monthly comparison, the index rose 0.3%, also in line with expectations.

The Department of Labor (DoL) reported increases in health care, education, clothing, airfares and home furnishings. On the other hand, prices of used vehicles, auto insurance, communications and personal care products declined.

Disparate movements in the food basket

The DoL reported that the food index rose 0.4% in February, as did the index for food consumed at home. Both indexes had also risen by 0.2% in January.

In contrast, the dairy and dairy products index declined by 0.6% in February, with the cheese index falling by 1.2%. The index for cereals and bakery products fell by 0.2% on the month, after rising by 1.2% in January. The meat, poultry, fish and eggs index was unchanged in February, with mixed variations among its components.

Core CPI rises 2.5% year-on-year as expected

Core inflation, which excludes energy and food due to their volatility, rose 2.5% year-on-year in February. According to AFP, the results were in line with forecasts gathered in surveys of economists conducted by Dow Jones Newswires and The Wall Street Journal.

On the other hand, the effects of the conflict betweenthe U.S.,Israel and Iran on international oil markets were not reflected in the February data.

The energy index rebounded 0.6% in February, after falling 1.5% the previous month, while gasoline rose 0.8% on the month. The natural gas index rose 3.1% in February. In contrast, the electricity index decreased 0.7% over the same period.