Inflation slowed slightly to 2.8% in February ahead of Federal Reserve meeting

Inflation cooled slightly in February even as the pace of price growth remained well above the Federal Reserve's goal ahead of the central bank's policy meeting next week.

The Labor Department on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.2% in February compared with last month, while it rose 2.8% on an annual basis.