WASHINGTON (AFP) - US consumer prices in February rose at the fastest pace in nearly five years compared to the same month of 2016, the Labor Department reported on Wednesday (March 15).

The consumer price index rose only 0.1 percent over January, but jumped 2.7 per cent over the past 12 months, the largest annual increase since March 2012.

The news comes hours before the Federal Reserve is expected to raise interest rates at the conclusion of a two-day meeting later Wednesday largely to stave off rising inflation.