The government released a bag of mixed data on economic growth and inflation Thursday, ahead of Friday’s closely watched report on the consumer-price index. A measure of inflation heated up in February,

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Americans kept spending in February even as prices rose, with the Iran war expected to push costs higher, new data showed Thursday.

Monthly price increases as measured by the Fed’s preferred gauge sped up in February, showing that inflation remained persistent even before the Iran war began last month.

An energy shock stemming from the fighting has added a layer of complexity to the Federal Reserve’s decision-making around interest rates.

Key Takeaways Consumer prices rose 3% over 12 months in February, ahead of the Iran war, according to the Personal Consumption Expenditures price index.The index is the benchmark the Federal Reserve uses to determine whether inflation is at its target of 2% annual rate.

Marchs Consumer Price Index is expected to post its sharpest monthly increase in nearly four years, driven by skyrocketing oil prices tied to the U.S.-Iran conflict and the ongoing ripple effects of import tariffs.

Inflation was already high before Iran war drove up gas prices, new report shows