The Consumer Price Index was flat in February on a seasonally-adjusted basis, according to the Bureau of Labor Statistics. That's after a very slight rise of 0.2% in January. Monthly consumer price inflation hasn't been this low since March of last year. Today's data reiterates the view that inflation should not be a concern in the near-term.
First, here's the historical graph via BLS:
As you can see, inflation is quite low and has been for some time.
The ever-important core CPI -- stripping out food and energy -- was even lower, declining by 0.1%. A slightly deflationary core CPI makes for an even stronger argument that inflation shouldn't be much of a worry right now in the U.S. economy. Generally, a systematic increase in core CPI is what concerns economists. That's certainly not happening currently. Here's a graph plotting the 12-month change of CPI and core CPI:
As you can see, core CPI (the red line) has been extremely stable and even appears to be trending down a bit.
Interestingly, energy prices were also deflationary in February, decreasing by 0.5% -- the first decline since April. Another standout included apparel, which saw its prices fall by 0.7%. One of the biggest increases was in medical care commodities, where prices rose by 0.8% for the month.