On track with expectations, inflation cooled slightly in February.
The latest consumer price index (CPI) shows prices rising 0.4 percent month-over-month in February, down from 0.5 percent in January, while the annual inflation is up 6 percent, down from 6.4 percent.
Shelter accounted for 70 percent of the increase, rising 0.8 percent. The jump came despite efforts by the Federal Reserve to tamp down on home prices by rapidly raising interest rates.
Food prices, meanwhile, decelerated from 0.5 percent to 0.4 percent, and energy prices declined 0.6 percent after rising 2 percent in January. The drop in energy prices was mostly powered by a 7.9 percent drop in fuel oil prices.
Used car prices also fell a whopping 2.8 percent. Once one of the main drivers of inflation, the category is now helping bring down the index.
Canadian pipeline operator Enbridge is planning to purchase three gas distribution companies from Dominion Energy for $9.4 billion in cash and assume $4.6 billion in debt.
United Airlines said Tuesday it repaired a technology glitch that had forced it to halt departures nationwide, briefly crippling one of the nation's biggest carriers on a busy travel day.
The U.S. government is taking a big step toward forcing a defiant Tennessee company to recall 52 million air bag inflators that could explode, hurl shrapnel and injure or kill people.
