The year-on-year rate of inflation in the United States soared in February to 7.9% -four tenths above that of January-, reported this Thursday the Bureau of Labor Statistics. Consumer prices rose eight tenths in one month, according to this statistic
(Read: The war aggravates the food emergency that plagues the world)
US consumer prices rose to their highest level in 40 years in Februaryin line with rapid inflation that has become even more pronounced following the Russian invasion of Ukraine.
The consumer price index rose 7.9% from a year earlier after a 7.5% annual gain in January, according to Labor Department data released Thursday.
The inflation gauge increased 0.8% in February from the previous month, reflecting higher gasoline costs, food and housing. Economists projected a 7.9% year-on-year increase in the CPI and a 0.8% rise from a month earlier, according to the median estimate from a survey of Bloomberg.
Excluding volatile food and energy components, so-called core prices rose 0.5% from a month earlier and 6.4% from a year earlier.
The data illustrates the extent to which inflation was exerting control over the economy before Russia’s war sparked a rally in basic goods, including the highest retail price of gasoline on record.
Most economists expected February to see the peak of annual inflation, but the conflict is likely to mean figures of
inflation even higher in the coming months.DEVELOPING NEWS…
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