February consumer inflation rose 2.8% from 2023, in line with expectations

March 29 (UPI) -- U.S. consumer inflation rose slightly in February, in line with economists' expectations, according to a report from the Bureau of Economic Analysis Friday.

February's personal consumption expenditures price index was up 0.3% from the previous month, with core PCE, which excludes volatile food and energy prices, rising by the same rate.

PCE also rose 2.5% from February 2023, while core PCE was up 2.8% over the same period.

Food prices rose 0.1% from the month prior in February, while energy prices were up 2.3%. Prices for goods increased 0.5% from the previouss month and services prices were up 0.1%.

"Nothing really super surprising. Obviously not the numbers the Fed wants to see, but I don't think this is going to catch anybody off guard when they come back to work on Monday," Victoria Greene, chief investment officer at G Squared Private Wealth, told CNBC.

The BEA's numbers were released on Good Friday, when stock and bond markets are closed for the holiday.

PCE for January was 2.4% from the 12 months beginning January 2023 and was also in line with expectations.

Since PCE is still above 2%, the Fed is expected to once again hold interest rates steady in May.