Excluding the volatile categories of food and energy, the PCE price index rose 0.1% from January and was up 1.1% from a year ago.
Other measures also have showed prices undershooting the Fed's 2% inflation target. The Labor Department's closely watched consumer price index rose 1.1% in February from a year ago, and 1.6% excluding food and energy.
There are signs the U.S. economy last month began to bounce back from a stretch of weak data in December and January. Retail sales were up, factory production rose and nonfarm employers added an estimated 175,000 jobs in the labor market's strongest performance since November.