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CPI February 2026: Inflation eases on lower fuel costs and easing food prices, but the outlook has deteriorated sharply.
- Consumer inflation (CPI) fell further from 3.5% in January to 3% in February, slightly below our and the market's forecast of 3.1%.
- The downward pressure emanated primarily from a sharp decline in fuel prices and easing food inflation.
- Core inflation also fell from 3.4% to 3%.
- The outlook has deteriorated sharply amid global price pressures stemming from the war in Iran. We now forecast CPI to average 4% in 2026, revised up from 3.4% previously.