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US consumer prices increase the most since 1982
USA-America-San Francisco-California/Pixabay

The We For News reported, February consumer price gains in the US accelerated by 7.9% compared to last year, marking the fastest annual jump since 1982. The Bureau of Labor Statistics’ Consumer Price Index (CPI) outpaced January’s previous 40-year high of 7.5%.

On a month-over-month basis, consumer price increases also accelerated. The widely followed inflation gauge surged 0.8% in February from a month earlier after increasing by 0.6% in January, reflecting rising gasoline, food and shelter costs.

Last month, the energy index jumped 3.5%, marking the largest monthly surge since October. Over the past year, the energy index was up 25.6%. Meanwhile, core prices increased 0.5% from a month earlier and 6.4% from a year ago.

Michael Gapen, chief US economist at Barclays, told Bloomberg: “Inflation is not likely to roll over and begin to come down for several more months.”

February consumer price gains in the US accelerated by 7.9% compared to last year, marking the fastest annual jump since 1982 (File photo: Pixabay)
February consumer price gains in the US accelerated by 7.9% compared to last year, marking the fastest annual jump since 1982 (File photo: Pixabay)

“This sets the stage for where we are now. And we need to see how long this conflict [in Ukraine] plays out and how disruptive the sanctions regime actually is.”

The food price index rose 1% month-on-month, also picking up slightly from January’s 0.9% rise. This was driven in turn by prices for food at home, which rose 1.4% and brought the annual increase in this index up to 8.6%.

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In a statement on Thursday morning, President Joe Biden pointed to the conflict in Ukraine as a key contributor to the latest jump in prices.

Source: wefornews