by Gabriella Cruz-Martinez
Yahoo! Finance
Americans plagued by surging prices over the past 20 months continue to face strain as the cost of meeting everyday necessities remains stubbornly high.
The Labor Department said Tuesday that the Consumer Price Index (CPI), a broad measure of the price of everyday goods, including groceries, gasoline, and rent, rose 0.4% in February from the previous month. Consumer prices were 3.2% higher than a year earlier.
While that measure is under the 3.4% inflation reading in December, it remains above the Federal Reserve’s 2% target.
Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
Declining prices for many goods are helping slow inflation, but basics such as housing, food, gasoline, and energy continued to come in hotter than expected.