The Labor Department reported Friday that the Consumer Price Index showed prices in February rising twice as fast as January's percent advance. The CPI is the government's most closely watched inflation measure and February's 0.6 percent growth is the largest increase in two years. The increased cost of gasoline and other energy products were the biggest contributors to the CPI hike. Wall Street seemed unconcerned by the report and stock prices were pushed higher on the belief the war will be won quickly.
See "Consumer Prices Post a Major Rise", The New York Times, March 20, 2003