US inflation soared 7.9% in past year, a fresh 40-year high

Posted at 9:02 AM, Mar 10, 2022
and last updated 2022-03-10 16:25:11-05

WASHINGTON (AP) — WASHINGTON (AP) — Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.

The increase reported by the Labor Department reflected the 12 months ending in February and didn’t include most of the oil and gas price increases that followed Russia’s invasion of Ukraine on Feb. 24.

Even before the war further accelerated price increases, robust consumer spending, solid pay raises and persistent supply shortages had sent U.S. consumer inflation to its highest level in four decades.