Inflation in February clocked in at 2.4 percent annualized, unchanged from the previous month, the Bureau of Labor Standards stated in its monthly report released Wednesday morning. Food and housing costs ticked up, but were offset by falling prices for other goods and services like used cars.

The report does not reflect the impact of the ongoing war in Iran, which has created a spike in energy costs as Iran’s closure of the Strait of Hormuz has crippled oil exports from many countries in the Middle East. The increase in oil prices has pushed gasoline prices in the U.S. up sharply, rising to an average of over $3.50 a gallon on Tuesday, the highest since 2024.

Elevated energy prices are expected to push inflation up in the coming months, as high fuel and transportation costs ripple across the economy. Some analysts project that U.S. inflation could top 3 percent in the months ahead.