Sixty percent of the increase was attributed to higher housing and gasoline prices, and the energy price index rose 2.3% over january, while food prices remained almost unchanged, according to the Bureau of Labor Statistics (BLS).

With inflation in the U.S. closing the door on the possibility of a Federal Reserve interest rate cut before June, some traders and analysts are betting that central bankers may have to wait even longer.

Fed policymakers will meet next week and are expected to leave the policy rate in its current range of 5.25%-5.5%, where it has been since last july.

Until recently, there had been speculation that a rate cut could still occur at their next meeting from april 30 to may 1 if inflation, which fell rapidly last year and then jumped in january, resumes its path toward the 2% target.

The core price index, excluding food and gasoline, rose 0.4% in february versus january, the same pace as the previous month.

Other items registering increases in february were airline tickets, vehicle insurance, clothing and entertainment, while on the downside were personal care goods and furniture.

Year-on-year core inflation, which excludes food and energy prices due to their volatility, stood at 3.8%, while energy prices decreased by 1.9% year-on-year and food recorded an increase of 2.2%.

Translated by: A.M