Inflation is showing no signs of slowing. In fact, prices climbed at the fastest pace in decades in the month leading up to the war in Ukraine, and the conflict promises to drive costs higher, according to The New York Times.
The Consumer Price Index rose by 7.9 percent through February, the fastest pace of annual inflation in 40 years. Steep increases in food and rent costs also contributed to the rise, the Bureau of Labor Statistics told the paper, as did the surge in gas prices.
Over the past year, grocery prices have increased by 8.6 percent, the largest yearly jump since the period ending in April 1981. The price of fresh fruit and dairy products became notably more expensive last month. The White House has emphasized that it is trying to offset rising costs to the degree that it can.
“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike,” Biden said in a statement. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: The costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.”
Economists expect inflation to pick up even more in March because prices at the pump have since jumped to record-breaking highs. Full Story
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