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

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.