Data released moments ago by the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI), which measures inflation, rose 0.3% in February, compared to 0.2% in January, matching expectations. The core CPI, which excludes food and energy prices, also rose to 0.2%, compared to 0.3% in January, in line with expectations.

The year-over-year CPI rose to 2.4%, the same as in January, matching market expectations, while the core CPI rose to 2.5%.

In a more detailed breakdown, the food index rose 3.1% year-over-year from 2.9% in January and increased by approximately 0.4% in February. The energy index rose 0.5% year-over-year in February and by approximately 0.6% month-over-month. The housing and shelter index remained unchanged from January at 0.2% month-over-month and 3% year-over-year.