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Consumer prices jump 0.7% in February, biggest rise since 2009
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WASHINGTON — Fueled by the rising cost of gasoline, consumer prices jumped 0.7 percent in February for the biggest increase in more than three years, the Labor Department said Friday. The sharp rise in consumer costs last month, which exceeded analyst expectations, could stoke inflation concerns as economic growth strengthens. Prices now have risen 2 percent over the past year, the target the Federal Reserve has set for an acceptable inflation rate. Prices were up 1.6 percent in the previous 12-month period. If prices were to start rising faster, the Fed would have to consider pulling back on its stimulus efforts out of concern that they were helping trigger higher costs. Gas prices were the main culprit in February's jump. Prices at the pump were up a seasonally adjusted 9.1 percent, the most since June 2009. That also was the last time overall consumer prices exceeded February's increase. So-called core inflation — which excludes volatile energy and food prices — rose a more modest 0.2 percent in February. The figure was in line with analyst expectations and an improvement from the 0.3 percent increase in January. But core inflation also is up 2 percent year over year. The jump in gas prices accounted for almost three-quarters of February's increase in overall consumer costs. Food prices were up just 0.1 percent in February. 
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Today is Tuesday, May 21, the 141st day of 2013. There are 224 days left in the year.
1863 -- 150 years ago: On Monday the 11th inst. on Center Ridge in Mercer County,some citizens got out their cannon to celebrate the taking of Richmond. The gun wasoverloaded and burst. No one was injured, but one 30-pound piece went though thesecond story of a house.
1888 -- 125 years ago: The old folks concert at the Harper Theater last night to benefit St.Luke's Cottage Hospital, attracted a large audience.
1913 -- 100 years ago: Unless depredation by vandals in Rock Island parks is halted,special policemen will be assigned to night duty to protect the flowers and other property.
1938 -- 75 years ago: Station WHBF has received a special citation from Washington forits participation in Air Mail Week, which was observed this week throughout the nation.
1963 -- 50 years ago: A 10-year high in employment in the Quad-City area was reachedat the end of the last quarter, according to an industrial employment barometer releasedtoday.
1988 -- 25 years ago: Pee Wee teams will be able to play baseball and softball as usualon Diamond Three at Dorrance Park this summer, but after that, the ball field is doomed.County crews have put the diamond back in shape after heavy trucks marred the playingfield earlier this spring. Illinois Department of Transportation crews drove onto it to makeborings for the relocation of the junction of Illinois 84 and the Port Byron-Hillsdale road.
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