Washington ? Consumer prices rose by a modest 0.3 percent in February as high energy costs continued to hit the pocketbooks of drivers filling up at the pump and people heating their homes.

The increase in the Consumer Price Index, the government’s most closely watched inflation measure, however, marked a slowdown from the 0.5 percent jump registered in January, the Labor Department reported Wednesday.

Excluding energy and food costs, “core” consumer prices rose by just 0.2 percent in February for the second month in a row. That suggested the prices for many goods and services were fairly stable.

Federal Reserve Chairman Alan Greenspan said inflation was not a problem for the economy. That’s one of the main reasons why Fed policy-makers have leeway to hold short-term interest rates at a 45-year low of 1 percent, as they did on Tuesday.

The 0.3 percent increase in the CPI in February matched economists’ forecasts. The 0.2 percent rise in “core” prices was higher than the 0.1 percent increase they were calling for.

Energy prices went up by 1.7 percent in February. While that marked a slowdown from the big 4.7 percent rise reported for January, there is little doubt that consumers continue to feel the sting of higher energy bills.

Gasoline prices increased by 2.5 percent, natural gas prices were up by 2.2 percent, fuel oil prices rose 1.1 percent and electricity prices edged up 0.2 percent last month.

Strong global demand and tight supplies have pushed energy prices up. Some analysts foresee higher prices at the pumps this summer.

Food prices, meanwhile, increased by 0.2 percent in February, after being flat in January. Rising prices for fruits and vegetables outweighed falling prices for beef, veal, pork, poultry and dairy products last month.

A Shell gas station in San Francisco listed its prices at .59 on Feb. 20. Consumer prices rose 0.3 percent in February as high energy costs continued to take a toll on drivers and homeowners.