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U.S. Inflation Hit Fresh 40-Year High of 7.9% Before Oil Spike

  • Gasoline, food, rent drove February’s monthly price increases
  • Fed seen starting series of interest-rate hikes next week
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U.S. Inflation Climbs to 40-Year High at 7.9% in February
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U.S. consumer price gains accelerated in February to a fresh 40-year high on rising gasoline, food and housing costs, with inflation poised to rise even further following Russia’s invasion of Ukraine. 

The consumer price index jumped 7.9% from a year earlier following a 7.5% annual gain in January, Labor Department data showed Thursday. The widely followed inflation gauge rose 0.8% in February from a month earlier, reflecting higher gasoline, food and shelter costs. Both readings matched the median projections of economists in a Bloomberg survey.