Consumer prices continued to rise at a moderate rate in February.

The consumer price index rose by 0.3 percent compared with January, the Department of Labor said Wednesday. Compared with a year ago, the widely watched inflation gauge is up 2.4 percent, unchanged from January.

This was in line with expectations. Economists had forecast an increase of 0.3 percent for the month. The 12-month increase was seen as holding steady at 2.4 percent.

Core prices, a measure that excludes volatile food and energy prices, increased 0.2 percent in February. Compared with a year ago, core prices are up 2.5 percent, matching the year-over-year figure reported for January.

Core goods prices rose 0.1 percent in February and are up one percent from a year ago. Core services, a measure that excludes energy-related services, rose 0.3 percent and the index is up 2.9 percent from a year ago.