WASHINGTON–The rate of inflation in the U.S. isn’t slowing, as a key price measure rose to a 40-year high in February.
The Bureau of Economic Analysis is reporting the Personal Consumption Expenditures price index rose 6.4% in February from the same period one year earlier, the fastest increase since January 1982.
Even when stripping out volatile food and energy costs, the index, which measures the inflation on consumer spending, rose 5.4% between February 2022 and 2021. That was also the fastest increase since April 1983, with both numbers also higher than January numbers.
Those numbers were released at the same time energy prices soared nearly 26% in February as Russia invaded Ukraine and threw global commodities markets into flux. U.S. oil prices were up nearly 9% in February and have risen even higher in March.
As for the inflation data, the economic spillover from the Ukraine conflict won't be confined to just February, according to CNN Business. Food prices rose 8% in February and are expected to increase throughout the year, as the conflict continues to affect the global food supply chain.
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