Core consumer price growth in the U.S. unexpectedly slowed in the month of February, according to a report released by the Commerce Department on Friday.
The report said core consumer prices, which exclude food and energy prices, jumped 4.6 percent year-over-year in February.
Annual price growth remains elevated, but this represents a slowdown from the 4.7 percent year-over-year spike in January. Economists had expected the pace of growth to be unchanged.
The inflation reading, which is said to be preferred by the Federal Reserve, was included in the Commerce Department's report on personal income and spending in February.
The Commerce Department said personal income rose by 0.3 percent in February after climbing by 0.6 percent in January. Economists had expected personal income to increase by 0.4 percent.
Meanwhile, the report said personal spending edged up by 0.2 percent in February after surging by an upwardly revised 2.0 percent in January.
Economists had expected personal spending to rise by 0.3 percent compared to the 1.8 percent jump originally reported for the previous month.
