CPI: Inflation picks up, but still hovers in the Fed's comfort zone

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margin: 0; border: 0;"><script type="text/javascript"> cnnad_createAd("928141","https://web.archive.org/web/20130323072818/http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_pagetype=story_sync&cnn_money_position=970x418_top&cnn_money_rollup=business_news&cnn_money_section=jobs_and_economy&page.allowcompete=no&params.styles=fs&page.allowcompete=yes","418","970"); </script></div></div> <div class="cnnCol_main"> <div id="storycontent"> <div class="breadcrumb"> </div> <div class="hed_side"> <a href="/web/20130323072818/http://money.cnn.com/"> <div class="source cnnmoney"></div> </a> <div class="cmmtcount"> <a href="/web/20130323072818/http://money.cnn.com/2013/03/15/news/economy/cpi-inflation/index.html" class="money-social money-get-comments"></a> <a href="#comments">comments</a> </div> </div> <h1>Inflation picks up, but still hovers in the Fed's comfort zone</h1> <span class="byline"> By <a href="https://web.archive.org/web/20130323072818/https://twitter.com/AnnalynKurtz" target="_blank">Annalyn Kurtz</a> </span> <a href="https://web.archive.org/web/20130323072818/https://twitter.com/intent/user?screen_name=cnnmoney" class="soc-twtname">@CNNMoney</a> <span class="cnnDateStamp">March 15, 2013: 11:43 AM ET</span> <div class="clearFloat"></div>  <div id="storytext"> <div id="ie_dottop"> <img src="https://web.archive.org/web/20130323072818im_/http://i2.cdn.turner.com/money/dam/assets/130315113744-cpi-inflation-2-031513-620xa.jpg" width="620" height="363" alt="" border="0"/> <p>Rising gas prices were the single largest driver of higher inflation in February.</p> </div> <div class="cnnStorySource">NEW YORK (CNNMoney)</div> <h2>Consumer prices rose at the fastest rate since 2009 in February, but the annual inflation rate still remains within the Federal Reserve's comfort zone.</h2> <p> The Consumer Price Index, the government's key measure of inflation, showed prices rose 0.7% in February, according to the Bureau of Labor Statistics. Rapidly rising gas prices were the biggest driver, climbing about 9% in just one month. </p> <div id="ie_column"> <div id="quigo220"><div id="ad-274798" align="center" style="padding: 0; margin: 0; border: 0;"><script type="text/javascript"> cnnad_createAd("274798","https://web.archive.org/web/20130323072818/http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_position=220x200_ctr&cnn_money_rollup=business_news&cnn_money_section=quigo&page.allowcompete=no&params.styles=fs&page.allowcompete=yes","200","220"); </script></div></div> </div> <p> Year-over-year, inflation was up 2%. </p> <p> Economists often like to strip out food and gas prices, which both tend to be volatile, to get a more accurate reading on inflation. That measure, called core CPI, was also up 2% over a year ago. </p> <p> The Federal Reserve usually attempts to keep inflation around the 2% level, but recently has intensified its focus on healing the job market. </p> <p> The recent rise in inflation is likely to fuel more criticism of the central bank's stimulative policies, even from within its own ranks. Some Fed officials, including<a href="https://web.archive.org/web/20130323072818/http://money.cnn.com/gallery/news/economy/2013/01/29/federal-reserve-hawks-doves/4.html"> Kansas City Fed President Esther George</a>, have recently cautioned that the Fed's policies could be fueling asset bubbles. </p> <p> "The increase will jangle some nerves at the Fed, but policymakers will remain focused on ensuring the economic upturn looks sustainable and robust before worrying too much about inflation," said Chris Williamson, Markit chief economist. </p> <p> <a href="https://web.archive.org/web/20130323072818/http://money.cnn.com/2013/03/15/investing/greenspan-irrational-exuberance/index.html"><span class="inStoryHeading">Greenspan: No irrational exuberance, stocks undervalued</span></a> </p> <p> Since December, the central bank has said it will probably keep interest rates near zero until<a href="https://web.archive.org/web/20130323072818/http://money.cnn.com/2012/12/12/news/economy/federal-reserve-stimulus/index.html"> inflation exceeds 2.5% a year</a> or the unemployment rate falls to 6.5%. </p> <p> When it measures inflation, the Fed uses <a href="https://web.archive.org/web/20130323072818/http://www.federalreserve.gov/faqs/economy_14419.htm" target="_blank">another measure</a> that comes from the Commerce Department, not CPI. That data showed prices were up only 1.2% year-over-year as of January. </p> <div class="IE_bodyVid" id="vid0" style="display: none;"></div> <script type="text/javascript"> vidConfig.push({ videoArray : [ {id : "video/investing/2013/03/05/investing-dow-record-high-stock-market.cnnmoney"} ], auto_playlist:false, collapsed:false }); </script> <p> The Fed's policymaking committee is set to meet next week. Since its last meeting in January, <a href="https://web.archive.org/web/20130323072818/http://money.cnn.com/2013/03/08/news/economy/february-jobs-report/">job growth</a> has picked up along with rising prices. Financial markets will be closely watching the central bank's statement and Fed chairman Ben Bernanke's press conference for hints about whether this means the Fed may taper off its asset purchases sooner rather than later. </p> <p> The Fed has been buying $40 billion a month in mortgage-backed securities and $45 billion a month in Treasuries. The intent is to push long-term interest rates lower, and thereby stimulate more spending by consumers and businesses as well as lending by banks. </p> <p> Going forward, economists expect price pressures to taper off. Gasoline prices have already started falling this month, and wages aren't rising rapidly enough to enable businesses to pass on higher costs to consumers. </p> <p> "The recent feisty inflation data has largely been due to rising gasoline prices, and we do not think that this trend will continue due to limited consumer discretionary income," said Ward McCarthy, Jefferies chief financial economist. "We do not expect inflation to take root in the economy." <a href="#TOP"> <img width="7" height="7" border="0" alt="To top of page" src="https://web.archive.org/web/20130323072818im_/http://i.cdn.turner.com/money/images/bug.gif"> </a> </p> <br/><br/> <div class="storytimestamp"> First Published: March 15, 2013: 9:07 AM ET </div> </div>  <div class="foot"> <ul> <li class="share"><span class="st_sharethis" displaytext="Share"></span></li> </ul> <div id="postedin"></div> <div class="clearFloat"></div> </div> </div> <div id="quigo628"><div id="ad-609006" align="center" style="padding: 0; margin: 0; border: 0;"><script type="text/javascript"> cnnad_createAd("609006","https://web.archive.org/web/20130323072818/http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_position=628x215_bot&cnn_money_rollup=business_news&cnn_money_section=quigo&page.allowcompete=no&params.styles=fs&page.allowcompete=yes","215","628"); </script></div></div> <div id="taboola-autosized-generated-2r-new"></div> <div id="OB_div"></div> <a name="comments"></a> <div class="mod-disqus"> <div class="boxHeading">Join the Conversation</div> <div id="adComments"><div id="ad-751862" align="center" style="padding: 0; 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cc_array.push({rate:'15.99%',name:'Balance Transfer',jsParam:'balancetransfer',change:'U',lweek:'15.98%'}); cc_array.push({rate:'10.94%',name:'Low Interest',jsParam:'lowinterest',change:'S',lweek:'10.94%'}); cc_array.push({rate:'15.82%',name:'Rewards',jsParam:'rewards',change:'S',lweek:'15.82%'}); cc_array.push({rate:'13.51%',name:'Business',jsParam:'business',change:'S',lweek:'13.51%'}); cc_array.push({rate:'16.54%',name:'Cash Back',jsParam:'cashback',change:'S',lweek:'16.54%'}); var home_array = []; home_array.push({rate:'4.77%',name:'$30K HELOC',jsParam:'30kHeloc',change:'S',lweek:'4.77%'}); home_array.push({rate:'4.39%',name:'$50K HELOC',jsParam:'50kHeloc',change:'S',lweek:'4.39%'}); home_array.push({rate:'6.25%',name:'$30K Home Eq',jsParam:'30kHomeEq',change:'S',lweek:'6.25%'}); home_array.push({rate:'6.02%',name:'$50K Home Eq',jsParam:'50kHomeEq',change:'U',lweek:'6.00%'}); home_array.push({rate:'5.98%',name:'$75K Home Eq',jsParam:'75kHomeEq',change:'U',lweek:'5.96%'}); var cdmma_array = []; 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href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=236&loan=165000.00&prods=216&points=Zero" target="_blank">30 yr fixed, 0 points refi, Elizabeth, NJ, APR 4.625%</a></li> <li class="bankrates-mtg"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=236&loan=165000.00&prods=216&points=Zero" target="_blank">30 yr fixed, 0 points refi, Elizabeth, NJ, APR 4.750%</a></li> <li class="bankrates-mtg"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=66&loan=200000.00&prods=170&points=Zero" target="_blank">15 yr fixed mtg, 0 points, Orlando, FL, APR 3.875%</a></li> <li class="bankrates-mtg"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=66&loan=200000.00&prods=170&points=Zero" target="_blank">15 yr fixed mtg, 0 points, Orlando, FL, APR 4.000%</a></li> <li class="bankrates-mtg"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=16&loan=200000.00&prods=182&points=Zero" target="_blank">5/1 ARM, 0 points, Houston, TX, APR 3.125%</a></li> <li class="bankrates-mtg"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=16&loan=200000.00&prods=182&points=Zero" target="_blank">5/1 ARM, 0 points, Houston, TX, APR 3.250%</a></li> <li class="bankrates-mtg"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?pid=p:cnn&market=26&loan=418000.00&prods=194&points=Zero" target="_blank">30 yr jumbo, 0 points, Cleveland, OH, APR 5.500%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/savings/savings-results.aspx?pid=p:cnn&local=true&market=4&prods=33" target="_blank">MMA , Los Angeles, CA, APY 1.09%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/savings/savings-results.aspx?pid=p:cnn&local=true&market=42&prods=34" target="_blank">$10K MMA , Tampa, FL, APY 1.09%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:cnn&market=2&prods=14" target="_blank">6 month CD, Metro, NY, APY 1.04%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:cnn&market=2&prods=14" target="_blank">6 month CD, Metro, NY, APY 0.50%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:cnn&market=16&prods=15" target="_blank">1 yr CD, Houston, TX, APY 1.27%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:cnn&market=16&prods=15" target="_blank">1 yr CD, Houston, TX, APY 1.01%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:cnn&market=4&prods=19" target="_blank">5 yr CD, Los Angeles, CA, APY 2.50%</a></li> <li class="bankrates-mma-cd" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/cd-investments/cd-investment-results.aspx?pid=p:cnn&market=4&prods=19" target="_blank">5 yr CD, Los Angeles, CA, APY 2.39%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=4&fico=Good&prods=438" target="_blank">CA, $30K home equity loan, APR 7.99%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=4&fico=Good&prods=438" target="_blank">CA, $30K home equity loan, APR 8.87%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=18&fico=Good&prods=506" target="_blank">TX, $50K home equity loan , APR 8.87%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=10&fico=Good&prods=457" target="_blank">PA, $75K home equity loan , APR 4.99%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=10&fico=Good&prods=457" target="_blank">PA, $75K home equity loan , APR 6.89%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=2&fico=Good&prods=437" target="_blank">NY, $30K HELOC , APR 5.24%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=2&fico=Good&prods=437" target="_blank">NY, $30K HELOC , APR 5.49%</a></li> <li class="bankrates-homeeq" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/home-equity/home-equity-results.aspx?pid=p:cnn&market=22&fico=Good&prods=507" target="_blank">FL, $50K HELOC, APR 5.49%</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=2&childcategoryid=109&childcategory=Low%20Interest%20Card&ec_id=" target="_blank">Capital One, APR 11.9% - 19.9% (V)</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=3&childcategoryid=110&childcategory=Balance%20Transfer%20Card&ec_id=" target="_blank">Discover Card, APR 11.99%-20.99% (Variable)*</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=8&childcategoryid=117&childcategory=Rewards%20Card&ec_id=" target="_blank">Chase, APR 11.99%-22.99% Variable*</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=5&childcategoryid=114&childcategory=Cash%20Back%20Card&ec_id=" target="_blank">Discover Card, APR 11.99% - 20.99% (Variable)*</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=9&childcategoryid=118&childcategory=Business%20Card&ec_id=" target="_blank">Chase, APR 13.24%-19.24% (Variable)*</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=7&childcategoryid=116&childcategory=Gas%20Rewards%20Card&ec_id=" target="_blank">Capital One, APR 12.9% - 20.9% (V)</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=13&childcategoryid=837&childcategory=Secured%20Card&ec_id=" target="_blank">Capital One, APR 22.9%(V)</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=6&childcategoryid=115&childcategory=Frequent%20Flyer%20Card&ec_id=" target="_blank">Chase, APR 13.24% Variable*</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=30&childcategoryid=121&childcategory=PrePaid%20Cards&ec_id=" target="_blank">MetaBank, APR *</a></li> <li class="bankrates-cc" style="display: none;"><a href="https://web.archive.org/web/20130323072818/http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?pid=p:cnn&classificationuid=1&childcategoryid=0&childcategory=Featured%20Cards&ec_id=" target="_blank">Discover Card, APR 11.99%-20.99% (Variable)*</a></li> </ul> </div> <div class="bankrate_note">*Rates subject to change</div> </div> </div> </div> <div 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CPI: Inflation picks up, but still hovers in the Fed's comfort zone - Mar. 15, 2013