Inflation Remained Steady in February; Experts Warn Iran Conflict Could Cause March Spike

Year-over-year inflation was 2.4% in February, and increased on a monthly basis to 0.3% from 0.2% in January. 

The Details: Annual core inflation remained at 2.5%, increasing 0.2% after a 0.3% rise in January. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3%, and the CPI for March is scheduled to be released on April 10. Products such as housing, home health care, gasoline and meat all saw rate increases; eggs and rent saw drops. 

For Context: While January's year-over-year inflation rate cooled more than economists expected, February's aligned with expectations (though Fox Business [Lean Right bias] noted that CPI was "in line with the expectations of economists polled by LSEG"). However, the US-Israel strike on Iran on Feb. 28 has caused oil and gas prices to spike, leaving many economists pessimistic about March's future data.

RELATED: Will Oil Prices Rise Due to Conflict with Iran? | AllSides

How The Media Covered It: News outlets across the political spectrum framed their coverage around the ongoing conflict in Iran and its potential economic implications. Associated Press (Left), for example, said in its headline that inflation held steady "before [the] attack on Iran sent oil prices higher." Newsweek (Center) similarly reported, "Inflation Holds Steady, for Now." 

AP's article used slanted language and subjective qualifiers against the Trump administration in stating, "Data has been overtaken by a conflict that began when the U.S. and Israel attacked Iran on Feb. 28, causing wild gyrations in oil prices as shipping lanes through the Persian Gulf suffered a rare shutdown. Gas prices have jumped sharply and are expected to fuel higher costs broadly." 

Both Newsweek and Fox Business also gave voice to experts who expressed concerns over a spike in March, though Fox did so less prominently – a bias by viewpoint placement. And while the outlet's headline said inflation "held steady," its lede said it "remained elevated."

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