Inflation eases in February from prior month

Latest reading: Consumer prices rose 0.7% on a year-on-year basis in February, following a 0.8% increase in the previous month. February's reading was the joint-weakest since November 2023. Relative to the prior month's data, there were milder price pressures for food and non-alcoholic beverages (+2.6% vs +3.8% in January), as well as for transportation (-0.8% in annual terms vs -0.2% in January) and clothing and footwear (-0.6% vs +0.6% in January). In contrast, price pressures were higher for housing and utilities in February (-0.9% vs -1.3% in January). February’s deceleration was primarily driven by the food subcomponent, with a notable decline in the price of dairy products. Meanwhile, core consumer prices rose 1.8% on a year-on-year basis in February, following a 1.9% increase in the prior month. Lastly, consumer prices rose 1.01% in February in month-on-month terms, following a 0.57% fall in the prior month.

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