WASHINGTON (MarketWatch) — Led by an expected surge in gasoline prices, consumer prices rose in February at the fastest pace in more than three years, though longer-term trends show stability, according to data reported Friday by the U.S. Department of Labor.

U.S. consumer prices rose 0.7% in February for the largest gain since June 2009. Gasoline prices rose 9.1%, also making the largest jump since June 2009, and accounted for almost three-fourths of February’s gain in the consumer price index. The broader price category for energy increased 5.4%.

Despite the CPI’s large jump in February, longer-term trends remain within the Federal Reserve’s target. The overall CPI and the core reading, which excludes volatile energy and food categories, increased 2% over the 12 months that ended in February. Economists expect that today’s data should continue to support the Fed’s accommodative policy stance.

Reuters

Looking forward, analysts expect monthly inflation to moderate as some of February’s surge in gasoline prices is reversed this month. In the most recent weekly data, average per-gallon gas prices across the U.S. fell five cents to $3.71.

“Overall, despite the sharp rise in headline prices and some modest firming in core consumer inflation pressures, the overall backdrop for consumer prices remains favorable, providing further breathing room for the Fed,” wrote Millan Mulraine, a macro strategist at TD Securities, in a research note.

Prices for food rose 0.1% in February. The core CPI rose 0.2%. Read RetireMentors: From ammunition to zucchini, prices are up.

Analysts polled by MarketWatch had expected the overall CPI to increase 0.6% and for the core reading to increase 0.2%. See economic calendar.

February’s CPI growth was the first change in prices since November. There was no growth in January and December.

Shelter prices rose 0.2% in February, while prices for medical-care services increased 0.3%. Meanwhile, the price index for new vehicles fell 0.3%, and declined 0.1% for apparel.

Also Friday, the government reported that inflation-adjusted hourly earnings for all employees fell 0.6% in February, as the CPI’s 0.7% gain outpaced an increase of 0.2% for average earnings. Real average hourly earnings increased 0.1% over the 12 months ended in February.

Earlier this week, the government reported that wholesale prices rose in February at the fastest rate in five months, led by gasoline and other energy prices. Some higher produces prices can be passed along to consumers, but the process can take some time. Read more about producer prices.