Inflation Climbs To 7.9%, A New Four-Decade High

Prices increased 7.9 percent in the year through February, the fastest pace of inflation in 40 years, as gas prices increased and a wide array of goods and services grew more expensive.

The rising cost of gas, food and rent all contributed to the big increase, the Bureau of Labor Statistics said, and economists expect inflation to pick up even more in March as war in Ukraine pushes prices at the pump to record-breaking highs.

Rapidly climbing prices have hit consumers in the pocketbook, causing confidence to fall and stretching household budgets. Rising wages and savings amassed during the pandemic have helped families continue spending despite rising prices so far, but the burden is falling intensely on lower-income households, which devote a big chunk of their budgets to daily necessities that are now swiftly becoming more expensive.

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