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The core personal consumption expenditures price index—the Federal Reserve’s preferred inflation gauge, which measures the prices paid for goods and services in the U.S.—rose in February, Barron’s reports.

What’s going on: “The core index rose 0.3% in February, equal to economists’ consensus estimate and down from the 0.4% increase in January. The index, which excludes food and energy components, was up 2.8% from a year earlier, according to the [Bureau of Economic Analysis], matching the January year-over-year change.”

Why it’s important: The data arrives as other economic indicators this year have shown “a resilient economy,” including a strong labor market. However, inflation remains above the Federal Reserve’s goal rate.

• “The central bank is taking a wait-and-see approach to lowering interest rates as it assesses whether progress on reducing inflation to its 2% annual target has stalled.”