The February consumer price index, a gauge for inflation, rose by 0.4 percent, putting the annual inflation rate at 6 percent, CNBC reported March 14.
The 0.6 percent decrease in energy costs helped keep inflation down, while shelter costs, which compose one-third of the index's weighting, rose 0.8 percent.
The report comes as the Federal Reserve considers another interest rate hike.
"Even amid current banking scares, the Fed will still prioritize price stability over growth and likely hike rates by 0.25 percent at the upcoming meeting," Jeffrey Roach, PhD, chief U.S. economist at LPL Financial, told CNBC.