Over at Angry Bear, Kash gets the jump on today's Consumer Price Index report for February. 

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in February, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.

...On a seasonally adjusted basis, the CPI-U advanced 0.4 percent in February, following a 0.1 percent increase in January. The energy index,which registered substantial declines in the preceding two months, increased 2.0 percent in February, accounting for virtually all the acceleration in the overall CPI-U... The index for all items less food and energy, which increased 0.2 percent in each of the preceding four months, advanced 0.3 percent in February.

Here's a summary table from the Cleveland Fed website:                                                                                                                                          

Percent Change                   From Previous Month
Sept. Oct. Nov. Dec. Jan. Feb.
CPI 0.2 0.6 0.3 0.0 0.1 0.4
CPI less food & energy 0.3 0.2 0.2 0.2 0.2 0.3
MEDIAN CPI 0.1 0.2 0.1 0.2 0.3 0.2
Percent Change,                   Last 12 Months
Sept. Oct. Nov. Dec. Jan. Feb.
CPI 2.5 3.2 3.5 3.3 3.0 3.0
CPI less food & energy 2.0 2.0 2.2 2.2 2.3 2.4
MEDIAN CPI* 2.4 2.3 2.2 2.3 2.4 2.4

            

The bottom line here is that our alternative measure of core inflation -- the median CPI -- has been giving a consistent read on the inflation trend for some time now.  Things aren't deteriorating substantially, but neither are they improving.