U.S. Inflation Hits New 40-Year-High, Soaring 7.9% in Past Year

U.S. Inflation Hits New 40-Year-High, Soaring 7.9% in Past Year

U.S. inflation rose 7.9% year-over-year in February, marking the highest year-over-year mark since 1982. 

The Consumer Price Index released Thursday showed consumer prices rising another .8%. Excluding food and energy, the CPI rose .5%. 

See U.S. Bureau of Labor Statistics Release HERE

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“The latest Consumer Price Index, released Thursday, showed that even before the Ukraine invasion’s worst effects on prices were felt, American consumers were being pinched in ways they haven't been in decades," reported Axios.

Prices for oil, wheat, and many other key commodities have surged since the Russian invasion of Ukraine began at the tail end of February, raising the prospect that inflation facing American consumers will get worse before it gets better.

The steepest price gains were for gasoline (+6.6%) and fuel oil (+7.7%). But there were price surges for many non-energy items as well, including transportation services (+1.4%) and food at home (+1.4%).