The rate of inflation in the United States rose nearly 8% in February compared to the same period last year, the biggest jump in prices since January 1982.
“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,” reports CNBC.
“The February acceleration was the fastest pace since January1982, back when the U.S. economy confronted the twin threat of higher inflation and reduced economic growth,” adds the financial news outlet. “On a month-over-month basis, the CPI gain was 0.8%. Economists surveyed by Dow Jones had expected headline inflation to increase 7.8% for the year and 0.7% for the month.”
This is a developing story…