The 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...
The numbers: The 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 Ukraine.
Americans are paying more to fuel up, put food on the table and cover the cost of housing. Prices of autos and many other consumer goods have also soared to record highs. The Fed, for its part, is on track to raise interest rates in March for the first time in four years to try to reverse the spike in inflation. It may take a while before rate hikes have much effect, however, since they are so low.
Record oil prices and the rising costs of many other goods and services promise to keep the rate of inflation at levels not seen since the early 1980s. The Ukraine conflict is adding to the upward pressure on prices.