Both spending and income were weak last month, report Reuters and the Associated Press. Personal consumption spending rose only 0.1 percent, after spending surged almost 1 percent in January. Income rose 0.3 percent in February, less than half January’s 0.7 percent gain.

The slippage is not all that it seems because January’s warm weather boosted spending, especially when all those gift cards were cashed in, and the income figures got a lift from federal pay raises and cost-of-living increases in Social Security.

The hidden kicker in all this is that savings were negative for the fourth month in a row. The Great Depression in the 1930s was the last time we had that kind of trend. It’s a sign that everyone seems to be ignoring but we won’t be able to ignore it forever.

Of course, interest rates were pushed earlier this week up to make sure inflation stays caged but these February numbers make it clear that inflation is not the real problem, especially when the very volatile food and energy prices are kept out of the equation.