US consumer prices increase the most since 1982
March 12, 2022, 3:33 am

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)

“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

Putin gives green light to his Defence Minister to bring Middle East fighters to support Russia Lebanon bans export of local food items to combat shortage triggered by Russian-Ukrainian conflict

Upon arriving to participate in the summit of the European Political Community, which includes around forty heads of state in Budapest, he said, "I look forward to sitting with the elected U.S. president and seeing how we will collectively ensure we meet challenges, including the threats from Russia and North Korea." He also noted that the strengthening of ties between Russia and North Korea poses a threat to the United States as well, according to reports from Agence France-Presse.

Before Trump's victory, Rutte expressed confidence that a united Washington would remain part of the defensive alliance, even if Trump became the 47th president of the United States. In an interview with German public broadcaster ZDF last Monday night, he stated that both Republicans and Democrats understand that NATO serves not only the security of Europe but also that of America. He added that both candidates are aware that the security of the United States is closely tied to NATO.

On Wednesday, NATO congratulated Trump on his victory but did not address the Ukrainian issue.

It is noteworthy that the relationship between the elected U.S. president and the defense alliance was not the best during his first term in the White House. Trump criticized NATO member states multiple times and even hinted at withdrawing from the alliance unless they increased their financial contributions.

Additionally, the issue of the Russian-Ukrainian war is one of the matters that complicate relations between the two sides, especially since Trump has repeatedly stated that he can end this ongoing conflict, which began in 2022, quickly. He implied that he had a peace plan between Kyiv and Moscow, while his vice president, JD Vance, revealed aspects of that plan, which stipulated Ukraine's commitment not to join NATO, thereby sending reassuring signals to the Russians.

Furthermore, many NATO member states in Europe fear that Trump might halt military aid to Ukraine after he previously criticized the U.S. for pouring funds into supporting Ukrainian President Volodymyr Zelensky.