Prices jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.
WASHINGTON — 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.
The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn't include most of the oil and gas price increases that followed Russia's invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.
National News Calls to suspend gas taxes across U.S. grow as prices surge Even before the war further accelerated price increases, robust consumer spending, solid pay raises and persistent supply shortages had sent U.S. consumer 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.
People are also reading… The government's report Thursday also showed that inflation rose 0.8% from January to February, up from the 0.6% increase from December to January. Full story here:ECONOMY BY THE NUMBERS 7 charts tracking the US economy Tags Be the first to know Get local news delivered to your inbox!
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