US consumer prices in February rose at the fastest pace in nearly five years compared to the same month of 2016, the Labor Department reported Wednesday.
The Consumer Price Index rose only 0.1 percent over January, but jumped 2.7 percent over the past 12 months, the largest annual increase since March 2012.
The news comes hours before the Federal Reserve is expected to raise interest rates at the conclusion of a two-day meeting later Wednesday largely to stave off rising inflation.