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Key U.S. inflation gauge sets 40-year high as gas and food soar
Adjusted for inflation, consumer spending actually fell 0.4% last month.
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By Christopher Rugeber
Associated Press
Thursday, March 31, 2022
WASHINGTON -- An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline, and other necessities squeezing Americans’ finances.
The figure reported today by the Commerce Department was the largest year-over-year rise since January 1982. Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.
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Robust consumer demand has combined with shortages of many goods to fuel the sharpest price jumps in four decades. Escalating the inflation pressures, Russia's invasion of Ukraine has disrupted global oil markets and accelerated prices for wheat, nickel, and other key commodities.
The inflation spike took a toll on consumers, whose spending in February rose just 0.2%, down from a much larger 2.7% gain in January. Adjusted for inflation, spending actually fell 0.4% last month. ...
... For the remainder of the report:
https://apnews.com/article/business-prices-inflation-c9d81525f808b25ecd37e5c91d6bb0e5
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