U.S. consumers paid more for a variety of goods and services in February compared to the prior month and year, with prices climbing across the economy amid lingering supply and demand imbalances.
The Bureau of Labor Statistics’ Consumer Price Index (CPI) rose 7.9 percent in February compared to last year, marking the fastest annual jump since 1982. This took out January’s previous 40-year high rate of 7.5 percent, and matched consensus economist expectations, according to Bloomberg data.
On a month-over-month basis, consumer price increases also accelerated. The CPI rose 0.8 percent in February compared to January after increasing by 0.6 percent during the prior month.
A surge in energy prices was one of the key contributors to the latest red-hot CPI print. Even before Russia invaded Ukraine and raised concerns over global energy disruptions, oil and gas prices were on the rise, as demand for fuel oil and other energy products outstripped tight global supplies. In February, the energy index jumped 3.5 percent for the largest monthly rise since October. And over last year, the energy index was up 25.6 percent.
Click here to read the full report from Emily McCormick in Yahoo Finance.