In line with forecasts, inflation moderated somewhat in February.

The most recent consumer price index (CPI) indicates that prices rose 0.4% month-over-month in February, down from 0.5% in January, while annual inflation is up 6%, down from 6.4%.

70% of the rise was due to an increase of 0.8% in the cost of housing. The increase occurred despite the Federal Reserve’s efforts to reduce housing prices by swiftly increasing interest rates.

In contrast, food costs slowed from 0.5 percent to 0.4 percent. In comparison, energy prices fell from 2 percent in January to 0.6 percent in February. Most of the decline in energy prices was driven by a 7.9 percent decline in fuel oil prices.

In addition, prices for pre-owned automobiles decreased by a staggering 2.8 percent. Formerly one of the primary drivers of inflation, this category now contributes to the decline of the index.