Energy prices were one of the main drivers behind a surprising rise in inflation in February.
Data from the Bureau of Labor Statistics released Tuesday showed headline inflation rose 0.4% over last month and 3.2% over last year. In its report, the BLS noted the indexes for gasoline and shelter combined accounted for more than 60% of February's increase in the Consumer Price Index (CPI).
The gasoline index increased 3.8% from the previous month, marking a sharp reversal from January's 3.3% decline. The BLS noted that before seasonal adjustments, gasoline prices rose 4.3% in February.
These energy increases contributed to February's acceleration from January's 0.3% month-over-month increase and 3.1% annualized increase.
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Heading into the spring, gasoline prices tend to rise as the driving season starts and winter hibernation ends.
Retail prices at the pump reversed their downward trend starting in late January, ticking higher along with oil. Gasoline has increased sharply over the past couple of weeks amid recent refinery constraints and volatile oil prices.
On Tuesday, the national average for gasoline stood at $3.20, up $0.20 from one month ago according to AAA data.
All of the components within the energy index rose last month, sending the gauge up 2.3% in February after it declined 0.9% in the prior month.
Individually, natural gas increased 2.3% over the month, electricity increased 0.3%, and fuel oil increased 1.1%.
Despite the February jump, the bigger picture shows the energy index falling 1.9% over the past year. And on that year-over-year basis, all the components fell except for electricity, which rose 3.9%.
US crude futures climbed in February to touch the 2024 high just above $80 per barrel at the beginning of March. Prices are off those peaks.
On Tuesday, West Texas Intermediate (CL=F) was trading just above the $77 per barrel level while Brent (BZ=F), the international benchmark price, traded below $83 per barrel.
Oil alliance OPEC+ extended output cuts of 2.2 million per day into the second quarter. Expectations that the cartel would continue with the reductions had lifted contract prices during the last two weeks of February.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.