Inflation rose by 0.4 percent for February, the Bureau of Labor Statistics reported Tuesday.
“Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment,” the BLS said.
The largest contributor to increasing inflation was the cost of shelter, which accounted for 70 percent of the total increase.
The cost of food, household furnishings, and recreation all went up as well.
According to BLS’s inflation calculator, $1,000 in January 2021 had the same buying power as $1,150 today.
Wall Street’s main indexes climbed upon the release of the news, with many analysts speculating that a downward trend in inflation will cause the Federal Reserve to pause interest rate hikes.