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Inflation sets fresh 40-year high: February CPI rises 7.9% over last year
Emily McCormick
Emily McCormick·Reporter
Thu, March 10, 2022, 8:30 AM·
U.S. consumers paid more for a variety of goods and services in February compared to the prior month and year, with prices climbing across the economy amid lingering supply and demand imbalances.
The Bureau of Labor Statistics' Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. This took out January's previous 40-year high rate of 7.5%, and matched consensus economist expectations, according to Bloomberg data.
On a month-over-month basis, consumer price increases also accelerated. The CPI rose 0.8% in February compared to January after increasing by 0.6% during the prior month.
A surge in energy prices was one of the key contributors to the latest red-hot CPI print. Even before Russia invaded Ukraine and raised concerns over global energy disruptions, oil and gas prices were on the rise, as demand for fuel oil and other energy products outstripped tight global supplies. In February, the energy index jumped 3.5% for the largest monthly rise since October. And over last year, the energy index was up 25.6%.
A further impact from the Russia-Ukraine crisis and extended jump in energy prices that has ensued will likely show up in the CPI data in March, given the invasion first began in late February. Since then, gas prices at the pump have jumped to record levels, and crude oil prices have climbed to 14-year highs and at least briefly topped $130 per barrel.
"Thursday's inflation data is continued confirmation that inflation is not transitory and has not peaked. Thursday's data is for February, which does not account for the early March spike in oil prices," Robert Schein, chief investment officer of Blanke Schein Wealth Management, said in an email Thursday morning. "We believe there will be even stronger inflation reports over the coming months, which suggests that the Federal Reserve needs to accelerate its rate hike plans, even with the renewed uncertainty that has emerged from the crisis in Russia and Ukraine."
https://finance.yahoo.com/news/consumer-price-index-cpi-inflation-february-2022-203614415.html
Inflation sets fresh 40-year high: February CPI rises 7.9% over last year
Emily McCormick
Emily McCormick·Reporter
Thu, March 10, 2022, 8:30 AM·
U.S. consumers paid more for a variety of goods and services in February compared to the prior month and year, with prices climbing across the economy amid lingering supply and demand imbalances.
The Bureau of Labor Statistics' Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. This took out January's previous 40-year high rate of 7.5%, and matched consensus economist expectations, according to Bloomberg data.
On a month-over-month basis, consumer price increases also accelerated. The CPI rose 0.8% in February compared to January after increasing by 0.6% during the prior month.
A surge in energy prices was one of the key contributors to the latest red-hot CPI print. Even before Russia invaded Ukraine and raised concerns over global energy disruptions, oil and gas prices were on the rise, as demand for fuel oil and other energy products outstripped tight global supplies. In February, the energy index jumped 3.5% for the largest monthly rise since October. And over last year, the energy index was up 25.6%.
A further impact from the Russia-Ukraine crisis and extended jump in energy prices that has ensued will likely show up in the CPI data in March, given the invasion first began in late February. Since then, gas prices at the pump have jumped to record levels, and crude oil prices have climbed to 14-year highs and at least briefly topped $130 per barrel.
"Thursday's inflation data is continued confirmation that inflation is not transitory and has not peaked. Thursday's data is for February, which does not account for the early March spike in oil prices," Robert Schein, chief investment officer of Blanke Schein Wealth Management, said in an email Thursday morning. "We believe there will be even stronger inflation reports over the coming months, which suggests that the Federal Reserve needs to accelerate its rate hike plans, even with the renewed uncertainty that has emerged from the crisis in Russia and Ukraine."
https://finance.yahoo.com/news/consumer-price-index-cpi-inflation-february-2022-203614415.html
People SAY that, but when it comes to actually buying things, they go for the cheapest.