Inflation Spiked 7.9% In February—Hitting 40-Year High Amid Growing Uncertainty Over Record Gas Prices

Inflation Spiked 7.9% In February—Hitting 40-Year High Amid Growing Uncertainty Over Record Gas Prices

Share to Linkedin Consumer prices rose 7. 9% in the 12 months ending in February, according to data released Thursday by the Labor Department, climbing at the quickest pace in four decades amid an unprecedented surge in gas prices that many experts warn will get even worse amid Russia's invasion of Ukraine. The average price Americans are paying at the pump jumped to its highest level ever this week as ... [+] Russia's invasion of Ukraine continued to fuel an unprecedented surge in oil prices. Overall prices rose 0. 8% from January—higher than the 0. 7% economists were expecting and the previous month's increase of 0. 6%. On a yearly basis, prices jumped 7. 9% last month, the largest annual increase since January 1982. The overall increase was the result of broad gains across gasoline, shelter and food prices, the government said, pointing out a 6. 6% monthly increase in the price of gas accounted for almost a third of the overall increase. Stock futures remained negative immediately after the release, with the Dow Jones Industrial Average down 300 points, or 0. 9%, while the tech-heavy Nasdaq fell 1%. In emailed comments Thursday, Robert Schein, the chief investment officer of