Consumer prices rose 7.9% in the 12 months ending in February, according to data released Thursday by the Labor Department, climbing at the quickest pace in four decades
The average price Americans are paying at the pump jumped to its highest level ever this week, asGetty ImagesOverall prices rose 0.8% from January—higher than the 0.7% economists were expecting and the previous month’s increase of 0.6%.The overall increase was the result of broad gains across gasoline, shelter and food prices, the government said, pointing out a 6.6% monthly increase in the price of gas accounted for almost a third of the overall increase.
Stock futures remained negative immediately after the release, with the Dow Jones Industrial Average down 300 points, or 0.9%, while the tech-heavy Nasdaq fell 1%. In emailed comments Thursday, Robert Schein, the chief investment officer of California-based Blanke Schein Wealth Management, called the latest data “continued confirmation that inflation is not transitory and has not peaked,” adding that he believes there will be even stronger inflation reports over the coming months, particularly after the“It is too early to link the recent rise in oil prices to any type of immediate recession, but historically, recessions have followed periods of surging...
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Another 40-year high: US inflation soars 7.9% over past 12 months, biggest spike since 1982This number doesn't even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in the coming months.
Read more »
Inflation soared in FebruaryJUST IN: Inflation hits new generational high as prices rise 7.9% in February
Read more »
U.S. inflation rate climbs again to 7.9%, CPI shows, and Ukraine war threatens more pain for consumersThe rate of U.S. inflation rose again in February to 7.9% --- a 40-year high --- and Americans could face even more pain because of the Russian war on...
Read more »
US inflation soared 7.9% in past year, a fresh 40-year highPropelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come
Read more »
US Inflation Soared 7.9% in Past Year, a Fresh 40-Year HighPropelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come
Read more »
Another 40-year high: US inflation soars 7.9% over past 12 months, biggest spike since 1982This number doesn't even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in the coming months.
Read more »