U.S. consumer prices rose by the most in 10 months in February as the cost of gasoline spiked, but there was little sign that underlying inflation pressures were building, the government reported Friday. The Labor Department said its Consumer Price Index (CPI) rose 0.4 percent last month after advancing 0.2 percent in January. Gasoline prices rose 6 percent, accounting for more than 80 percent of the rise in consumer prices last month. Food prices were unchanged for the first time in 19 months. Excluding volatile energy and food prices, inflationary pressures were generally contained. "Core" CPI rose 0.1 percent in February after rising 0.2 percent the previous month. The February increase was below economist expectations. Over the past 12 months, consumer prices have risen 2.9 percent. Core prices have increased 2.2 percent over the same period. Most economists expect inflation to remain modest this year. The prices of agricultural commodities have fallen, but gasoline prices keep rising and could slow growth if consumers reduce other purchases. So far, fuel prices haven not caused a drop in spending, thanks to an improving jobs market. The average price for a gallon (3.8 liters) of gasoline on Friday was $3.83, or 32 cents higher than a month ago.
