JUST IN: Inflation hits new generational high as prices rise 7.9% in February
Inflation reached a new generational high in February, with consumer prices rising another 0.8% and reaching the highest year-over-year inflation rate since 1981, at 7.9%.
The latest Consumer Price Index, released Thursday, showed that even before the most intense impacts of the war in Ukraine on energy prices was felt, American consumers were being pinched in ways they haven't been in decades.The steepest price gains were for gasoline and fuel oil . But there were price surges for many non-energy items as well, including transportation services and food at home .
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