Stripping out more volatile food and energy prices, the core CPI also moderated, coming in at 0.2 percent in February. That pushed the annual core CPI down to 3.1 percent. Core CPI has been mired in this range since last May and we still haven’t seen a core reading below 3 percent.

February inflation measured by the Consumer Price Index Wednesday was 2.8% annually and was up a lower than expected 0.2% for the month, seasonally adjusted.