Inflation eases in February from the prior month

Latest reading: Consumer prices rose 2.4% on a year-on-year basis in February, following a 2.8% rise in the previous month. February's reading was the weakest since September 2019. Relative to the prior month's figures, there were reduced price pressures for housing, utilities and fuel (+3.1% in annual terms vs +4.0% in January) and transportation (-2.0% vs -1.1% in January). In contrast, price pressures were higher for food and non-alcoholic beverages in February (+4.2% vs +4.1% in January). Meanwhile, core consumer prices increased 2.5% on a year-on-year basis in February, following a 2.7% rise in the previous month. Lastly, consumer prices were down 0.01% in February on a month-on-month basis, following a 0.41% rise in the previous month.

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