This 0.7 percentage point increase in the 12-month change was led by transportation prices, which rose 2.0% on a year-over-year basis in February, after falling 0.5% in January.
The rise in the transportation index was attributable to higher prices for gasoline and for the purchase of passenger vehicles, both of which rose in the 12-months to February after declining in January.
Gasoline prices advanced 3.9% year over year in February following a 1.8% decrease in January. On a monthly basis, gasoline prices rose 8.4% in February, the largest monthly increase since May 2008.
The purchase of passenger vehicles index rose 2.5% in the 12 months to February, after declining 0.8% in January. The acceleration in this index was mostly attributable to a notable monthly increase in February. Fewer manufacturers' rebates were available in February compared with January.
Consumer prices rose in seven of the eight major components in the 12 months to February. The exception was clothing and footwear.
Food prices increased 1.9% on a year-over-year basis in February following a 1.1% rise in January. Consumers paid more for food purchased from stores, particularly meat (+3.1%) and fresh fruit (+6.7%). In contrast, prices for non-alcoholic beverages declined 4.2%.
Consumers also paid 2.2% more for food purchased from restaurants.
Shelter costs rose 0.8% in the 12 months to February, after increasing 0.6% in January. Rent and homeowners' replacement cost advanced on a year-over-year basis, while mortgage interest cost decreased 4.2%.