US consumer prices rose 7.9% in February, highest since 1982
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Loading... - Mason Owen
- 11 Mar 2022
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US consumer prices saw their biggest annual increase in more than 40 years last month, rising 7.9 per cent compared to February 2021 as inflation continues to batter the economy, the government said Thursday (Mar 10).
Compared to January, the consumer price index (CPI) rose 0.8 per cent the Labor Department said, which was within expectations but nonetheless a sign the price increases were accelerating, driven by rising prices for gasoline, food and housing.
The United States has seen prices increase rapidly over the past year as it recovered from the COVID-19 impact, and the Federal Reserve is set to attack inflation by raising interest rates next week for the first time since the pandemic began.
However, the economic fallout from Russia's invasion of Ukraine is expected to push consumer prices even higher, particularly for energy.
A 6.6 per cent jump in gasoline prices accounted for a third of the monthly CPI increase, while overall food costs rose one percent and groceries rose 1.4 per cent, the largest gains in both categories since April 2020.
Housing costs such as rents rose 0.5 per cent compared to January and were up 4.7 per cent in the latest 12 months, the report said. Read More...
