Inflation held firm last month — but the war with Iran could change that | CNN Business

Annual inflation was unchanged last month at 2.4%, according to the latest Consumer Price Index, released Wednesday. On a monthly basis, prices rose 0.3% in February, a faster pace than January’s 0.2%, according to the Bureau of Labor Statistics. The February inflation data was gathered before the United States and Israel launched an attack on Iran. The two-week conflict has already pushed up energy costs and raised prices at the pump for Americans. Those increases could begin to show up even more in inflation data in the coming months. “These inflation numbers provide some comfort, but this month’s spike in energy prices make them a relic of the past,” David Russell, global head of market strategy at TradeStation, said in a note Wednesday. “Investors and the Federal Reserve are in uncharted territory right now, taking their cues from crude oil and tanker traffic in the Strait of Hormuz.” The waterway, located between the Persian Gulf and the Gulf of Oman, is the only way to ship crude from the oil-rich Persian Gulf to the rest of the world. Iran controls its northern side. Oil tankers have been unable to safely travel through it. Already, last month, energy prices were