Inflation Reaches New High as Consumer Prices Jump 7.9%, Highest in Four Decades

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Inflation climbed to another four-decade high in February with prices expected to push even higher on the back of soaring energy prices following the Russian invasion of Ukraine.

The Department of Labor said that the consumer price index rose 7.9 percent compared with a year ago. Prices were up 0.8 compared with the prior month.

This is the ninth straight month of inflation above 5 percent. Prices rose at an annual rate of 7.5 percent in January, jumping 0.6 percent from December.

Economists had forecast CPI to rise by 0.7 percent for the month and 7.8 percent compared with a year ago.

“And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6

The index for all items less food and energy, often called core CPI, rose 0.5 percent in February. Compared with a year ago, core prices were up 6.4 percent, the fastest pace for this measure since August 1982.

These figures do not take into account the recent surge in oil and gasoline prices.

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