Inflation fell for the eighth-straight month in February

Inflation remains elevated but the temperature is coming down, according to the latest Consumer Price Index.

The closely watched gauge of inflation, released Tuesday morning, showed that annual price increases continued to slow in February.

CPI measured 6% for the year ended in February, down from January’s 6.4% and in line with economists’ expectations.

On a monthly basis, prices were up 0.4%, representing a cooldown from the January monthly growth rate of 0.5%. Economists were expecting a gain of 0.4%.

When stripping out volatile energy and food prices, core CPI grew 0.5% on a monthly basis and 5.5% year over year.