Inflation rose 7.9% in the US – highest in more than 40 years

Inflation rose 7.9% in the US – highest in more than 40 years

Inflation rose 7.9% in the US

Economy update – Inflation rose 7.9% in the US – the highest in more than 40 years.

Inflation rose by 7.9% in February 2022, as food and energy costs pushed prices to the highest they have been in more than 40 years.

The February acceleration was the fastest pace since January 1982, back when the U.S. economy confronted the twin threat of higher inflation and reduced economic growth.

Highest in more than 40 years

Inflation grew worse in February amid the escalating crisis in Ukraine and price pressures that became more entrenched.

Analysts believe that corporations are using the Ukraine crisis to bring in price hikes under the radar. Putin is not to blame for the inflation. It is American businesses that are using this crisis as a guise to increase prices.

The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge, according to the Labor Department’s Bureau of Labor Statistics.

If we exclude volatile food and energy prices, so-called core inflation rose 6.4%, in line with estimates and the highest since August 1982. On a monthly basis, core CPI was up 0.5, also consistent with Wall Street expectations.

The rise in inflation meant worker paychecks fell further behind despite what otherwise would be considered strong increases.

……………………………………..

 

Share:

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

On Key

Related Posts

Today's news summary - Paper Talk - afghanistan taliban kabul charlie watts rolling stones

Today’s news summary – Paper Talk

Wednesday’s front pages focus heavily on President Joe Biden’s decision to not extend the 31 August withdrawal date of US troops in Afghanistan – despite PM Boris Johnson and other world leaders pleas during a G7 meeting on the Afghanistan crisis.

The papers say it is now the last chance to escape the Taliban, with some describing the situation as a “failure” and slamming President Biden for seemingly backing Trump’s “America first” policy. 

Elsewhere, the papers carry front-page tributes to Rolling Stones drummer Charlie Watts – who has died at the age of 80.  

On Key

Most Read Posts