What February's consumer price index means for inflation

The Bureau of Labor Statistics has reported its calculation of the consumer price index for February 2026. Year-over-year inflation came in at 2.4%, its lowest level in five years, which could signal progress towards the Federal Reserve’s target of 2% inflation.

But the United States and Israel’s escalating attacks on Iran have caused a global shock for oil prices, indicating much higher inflation numbers to come.

“Inflation is a lagging indicator, and this report feels more lagged than most,” said Nicole Cervi, an economist for Wells Fargo Corporate and Investment Banking.

Marketplace host Kimberly Adams spoke with Cervi about what we can — and can’t — learn from February’s CPI report.

To listen to their conversation, use the audio player above.