Consumer prices didn't budge last month, the Bureau of Labor Statistics just reported:
"On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in February. ... Over the last 12 months, the index increased 2.1% before seasonal adjustment."
So, there doesn't seem to be anything in that report to make the Federal Reserve feel the need to reverse course and start nudging short-term interest rates higher anytime soon (in a bid to keep inflation in check by cooling the economy).
Indeed, the Associated Press thinks the absence of inflation is a sign that a "weak economy" is making it tough for companies to raise prices.
BLS says declines in energy costs helped keep the overall CPI from changing last month.
Planet Money follows the economy's ups and downs here.