Key economic indicator show consumer prices up 2.5% in February, compared to 12 months earlier

A key U.S. economy report released Friday shows the cost of consumer goods in the country continues to increase. 

The Personal Consumption Expenditures price index was up 2.5% at the end of February, compared to the same time last year. That compares the January 2024 rise in prices of 2.4%.

The Commerce Department index is the preferred inflation gauge for the Federal Reserve, which sets interest rates in an effort to slow inflation, while trying to avoid going too far and bringing on a recession. The Fed's goal is 2% inflation. 

Driving the increase in the annual inflation rate was a 2.3% jump last month in energy prices, according to CNN.