"While underlying price pressures will inevitably heat up amid a healthier, fiscally stimulated economy and strong base effects, we believe inflation is unlikely to spiral out of control," said Mahir Rasheed, Associate U.S. Rasheed added, "The Fed should therefore look through the transitory spike and stick to a very dovish policy stance." On Wednesday, the Labor Department released a separate report showing consumer prices also increased in line with economist estimates in the month of February.