A key inflation metric monitored by the Federal Reserve soared 6.4 percent in February compared to a a year ago, reaching a new 40-year high.
The latest price surge, which effected the price of fuel, groceries and other consumer essentials, represents the largest year-over-year increase since January 1982, according to data released by the Commerce Department on Thursday.
Not taking into account food and energy fluctuations, which tend to be more erratic and can overemphasize inflation, the core price index jumped 5.4 percent in February from a year prior.
Amid persistent supply chain problems, the inflationary pressures have intensified due to Russia’s invasion of Ukraine, which has suffocated energy markets and triggered a chain reaction of price leaps across other sectors.
Source: National Review
