Inflation up 6% in February compared to last year but cooled slightly from January, feds

Inflation increased 6% in February compared to 12 months earlier, the Labor Department said Tuesday.

The agency's Consumer Price Index report, which is used to gauge inflation, also shows the rate increased by 4% from January to February.

The annualize rate of inflation for January was 6.4%.

The index measures inflation over time by tracking prices paid for goods.

Although February's increase is the smallest annual price increase since September 2021, it is still above the Federal Reserve's 2% target.

February's month-over-month increase and annualized increase were in line with expectations from economists, according to media reports.