AURORA, COLORADO - MARCH 1: A display of wine is set up in front of the meat and fish department at a Safeway on March 1, 2023 in Aurora, Colorado. Voters recently approved Proposition 125 paving the way for wine sales at grocery stores statewide beginning March 1st. (Photo by RJ Sangosti/MediaNews Group/The Denver Post via Getty Images)
(CNN) — 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.
This story is developing and will be updated.