Inflation has now risen to a breathtaking 7.9 percent in February according to new data from the Consumer Price Index.
As The New York Post reports:
Red-hot inflation skyrocketed to a fresh four-decade high of 7.9% in February – with consumer pain only expected to get worse in the weeks ahead as the Russia-Ukraine war prompts record prices for gas and other commodities.
The February surge marked the highest annual rate of increase in consumer prices since 1982, according to data released by the Labor Department on Thursday. And the impact to US households will likely increase after President Biden warned Americans would face “costs” after an import ban on Russian oil and natural gas.
On a monthly basis, the Consumer Price Index — a closely tracked inflation gauge that details the costs of goods and services — rose 0.8% from January to February. Inflation increased at a faster rate than economists expected.
Labor Department officials said price increases for gasoline, shelter, and food were the largest contributors to the surge.
The report does not include most of the latest spikes in food and energy prices which have occurred since the start of the Russian invasion of Ukraine. Numbers which will likely only begin to start showing on official data sometime in April.