Following the first YoY deflation since 2009 in January, February’s CPI YoY data managed to scrape its way back to unchanged (very modestly better than the 0.1% drop expected). Consumer prices rose 0.2% MoM – the most since May 2014 with gas prices up MoM for the first time since June. So what is the narrative now: if tumbling gas prices didn’t get consumers to spend, rising gas costs will?