The Bureau of Labor Statistics on Tuesday reported that consumer prices increased on all items by 3.2% over the year ending in February. That number was just slightly higher than January’s year-over-year number of 3.1%.

So it went up slightly? When volatile food and energy items are excluded, inflation rises to 3.8% during the year ending in February. But January’s number topped that, at 3.9%.

What does the “consumer prices” part of this mean? The Bureau of Labor Statistics says the Consumer Price Index “measures the change in prices paid by consumers for goods and services,” or the prices consumers pay out-of-pocket for everyday items.

What does an increase in consumer prices mean? Federal Reserve Chairman Jerome Powell in January noted that the Fed would not reduce its interest rates until it saw “continuing evidence… that inflation is moving down sustainably” toward its goal of 2%. The Federal Reserve, at its latest Committee meeting on its interest rates, opted to hold them in place.

This story originally appeared in WORLD. © 2024, reprinted with permission. All rights reserved.