Propelled 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.
Even before the war further accelerated price increases, robust consumer spending, solid pay raises and persistent supply shortages had sent U.S. inflation to its highest level in four decades. What’s more, housing costs, which make up about a third of the government’s consumer price index, have risen sharply, a trend that’s unlikely to reverse anytime soon.
From January to February, nearly every category of goods and services got pricier. Grocery costs jumped 1.4%, the sharpest one-month increase since 1990, other than during a pandemic-induced price surge two years ago. The cost of fruits and vegetables rose 2.3%, the largest monthly increase since 2010. Gas prices spiked 6.6%, clothing 0.7%.
The economic consequences of Russia’s war against Ukraine have upended a broad assumption among many economists and at the Fed: That inflation would begin to ease this spring because prices rose so much in March and April of 2021 that comparisons to a year ago would show declines.
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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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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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U.S. inflation rate climbs again to 7.9%, CPI shows, and Ukraine war threatens more pain for consumersThe rate of U.S. inflation rose again in February to 7.9% --- a 40-year high --- and Americans could face even more pain because of the Russian war on...
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Inflation soars to highest point in 40 years as Biden, Democrats sink lower in pollsInflation soared by 7.9% over the past 12 months, the federal government reported Thursday, with Americans besieged by higher gasoline, food and housing prices in a tumultuous election year for Democrats.
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