Inflation held steady in February before Iran war drove up gas prices, CPI report shows

March 11, 2026

TL;DR

The Consumer Price Index (CPI) increased by 2.4% annually in February, matching January's rate.
Economists had forecasted a 2.5% rise in inflation for February.
The Iran war, which began in late February, has caused oil prices to surge, raising inflation concerns.
Core inflation, excluding food and energy, remained unchanged at 2.5% annually.
Food costs increased by 3.1% annually, with dining out rising 3.9%.
Gasoline prices fell 5.6% annually in February, but have since increased significantly due to the war.
Rising oil prices could have knock-on effects on various goods and potentially increase food prices.
The Federal Reserve may delay interest rate cuts due to the potential for sustained inflation.
Overall food costs are up 19.6% since January 2022.

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