Benign U.S. Inflation Backdrop Ahead Of Iran Action

2026-03-11 11:15:00 ET

By James Knightley , Chief International Economist, US

Tariff impact remains limited on prices

US February consumer price inflation was broadly in line with expectations. Headline prices rose 0.3% month-on-month/2.5% year-on-year, while core inflation (excluding food and energy) was only 0.2%/2.4%, suggesting inflation pressures were well-behaved ahead of the military action in Iran. Used vehicle prices fell 0.4% MoM, new vehicle prices were flat, education and communication prices fell 0.2%, and housing costs rose only 0.2%, which helped to offset larger increases for appliances (+3.1% MoM) apparel (+1.3%), medical care services (+0.6%) and airline fares (+1.3%)....

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