Soaring energy costs are driving the price hikes, while the Ukraine war is expected to drive inflation even higher.
Inflation around the U.S. reached a new 40-year high in February, with consumer prices jumping 7.9% from a year ago — the fastest annual rate since the Reagan administration.on Thursday. The price of energy has surged 26% over the last year, sharply increasing the cost of gasoline, fuel oil and natural gas for home heating. Groceries were up 8.6% from a year ago, while clothing rose 6.6%.
The data, based on surveys in the middle of the month, doesn't capture the strain from Russia's war in, which is pushing the cost of energy even higher and threatens to strain already wobbly supply chains.
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Another 40-year high: US inflation soars 7.9% over past 12 months, biggest spike since 1982This number doesn't even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in the coming months.
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US inflation soared 7.9% in past year, a fresh 40-year highPropelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come
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US Inflation Soared 7.9% in Past Year, a Fresh 40-Year HighPropelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come
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US inflation soared 7.9% in past year, a fresh 40-year highPropelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.
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U.S. Inflation Sets A Fresh 40-Year High Over Past YearPropelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.
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Another 40-year high: US inflation soars 7.9% over past 12 months, biggest spike since 1982The government's report Thursday also showed that inflation rose 0.8% from January to February, up from the 0.6% increase from December to January.
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