February inflation breakdown: Where are prices rising and falling the fastest?

Inflation Overview - The consumer price index (CPI) rose 2.4% year-over-year in February, consistent with economists' expectations and unchanged from January's figure [1] - Core CPI, excluding food and energy, increased by 2.5% in February, also aligning with expectations and remaining stable from the previous month [2] - Both headline and core CPI readings are above the Federal Reserve's long-term target of 2% annual inflation but significantly lower than the 9.1% peak recorded in June 2022 [2][3] Rising Prices - Coffee prices surged by 18.4% year-over-year in February, influenced by higher tariffs on imports [6] - Lettuce prices increased by 15.3% annually, driven by disease, labor shortages, and seasonal transitions [7] - Beef and veal prices rose by 14.4% year-over-year, with beef steaks up 16.3%, attributed to a 70-year low in U.S. cattle inventory due to drought and wildfires [9] - Audio equipment prices climbed by 13.5% annually, impacted by tariffs and rising raw material costs [10] - Utility gas service prices increased by 10.9% year-over-year, influenced by geopolitical tensions and higher demand for U.S. natural gas exports [11] Falling Prices - Egg prices plummeted by 42.1% in February compared to last year, as the supply chain normalizes post-avian flu outbreak [15] - Smartphone prices decreased by 13.9% year-over-year, partly due to the inclusion of older models in the BLS index and tariff exemptions [16] - Tax return preparation and accounting fees fell by 6.4% over the last year, driven by AI integration and simplified tax processes [17] - Gasoline prices dropped by 5.6% year-over-year, although recent geopolitical events have led to a rise in prices [20] - Television prices fell by 4.1% year-over-year, continuing a trend of deflation due to technological improvements [21]