The Washington Post reports:
Prices rose 7.9 percent in February compared with a year ago, the largest annual increase in 40 years, even as fears grow that Russia’s war on Ukraine will push energy prices even higher in the months to come.
The inflation data, released Thursday by the Bureau of Labor Statistics, showed prices rose 0.8 percent in February compared to January, and doesn’t yet reflect the war’s strains on global energy markets.
The cost per gallon of gasoline — practically a billboard for high costs — hovered around $4.30 on Wednesday, with economists warning the pressure on energy markets is sure to get worse.
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Prices climbed 7.9% in February, compared with last year, with war in Ukraine likely to push inflation even higher https://t.co/9aNtADG3t4
— Post Business (@washpostbiz) March 10, 2022