Inflation had another bad month in February


Inflation in February increased 7.9 percent from a year ago, The Wall Street Journal reports Thursday, "as skyrocketing energy and commodity prices related to the Russian invasion of Ukraine pushed already-elevated costs higher."
In fact, the consumer price index, which measures the cost of goods and services, reached "a fresh 40-year high" last month, CNBC writes, having hit its highest rate since January 1982, per the Journal.
Gas, food, and housing drove the price increases, CNN notes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The White House, braced for a rough inflation report, has been prepared for the Russian invasion of Ukraine to make already-rising energy costs worse, Press Secretary Jen Psaki said Wednesday, per CNN. To help curb some of the surge, the Federal Reserve plans to "raise interest rates several times this year beginning with a modest hike next week," The Associated Press adds.
The cost of wheat, corn, cooking oils, and certain metals have also skyrocketed since Moscow's attack began, per AP.
On a month-over-month basis, "the CPI gain was 0.8 percent," CNBC writes. Economists had expected a 7.8 percent increase for the year and 0.7 percent for the month.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
Citizenship: Trump order blocked again
Feature After the Supreme Court restricted nationwide injunctions, a federal judge turned to a class action suit to block Trump's order to end birthright citizenship
-
Loyalty tests: The purge at the FBI
Feature Kash Patel is conducting polygraph tests on FBI agents to weed out anyone speaking badly about him
-
The all-seeing tech giant
Feature Palantir's data-mining tools are used by spies and the military. Are they now being turned on Americans?
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Tariffs were supposed to drive inflation. Why hasn't that happened?
Talking Points Businesses' planning ahead helped. But uncertainty still looms.
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs