The U.S. consumer price index rose 7.9 percent from a year ago in February, chalking up another 40-year high.
It’s the fastest the gauge has risen since January 1982, when the U.S. was facing similar inflation concerns alongside hamstrung growth. Worse, the 7.9 percent number outstripped the expectations of 7.8 percent from experts surveyed by Dow Jones.
Even if we exclude food and energy, which have been drastically impacted by the Russia-Ukraine war, core inflation still rose 6.4 percent. This is in line with expectations, but still a 40-year record.
Energy is up 3.5 percent month-to-month, while food is up 1 percent. Shelter rose by 0.5 percent, totalling out to a 4.7 increase in a year—the fastest since May 1991.
It paints a grim picture for day-to-day workers, as wages fall behind gains in inflation. No one is particularly surprised by this report, and it unfortunately seems that inflation and volatility are here to stay for some time.