Consumer inflation in the United States likely set another 40-year high in February — and it won’t even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in coming months.
Price for a gallon of regular-grade gasoline is shown on a digital sign at a service station Wednesday, March 9, 2022, in Denver. – Consumer inflation in the United States likely set another 40-year high in February — and it won't even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in coming months.
For most Americans, inflation is running far ahead of the pay raises that many have received in the past year, making it harder for them to afford necessities like food, gas and rent. As a consequence, inflation has become the top political threat to Biden and congressional Democrats as the midterm elections draw closer. Small business people now say in surveys that it's their primary economic concern, too.
Yet energy markets have been so volatile that it's impossible to know if the decline will stick. If Europe were to join the U.S. and the United Kingdom and bar Russian oil imports, analysts estimate that prices could soar as high as $160 a barrel.
The cost of wheat, corn, cooking oils and such metals as aluminum and nickel have also soared since the invasion. Ukraine and Russia are leading exporters of those commodities.
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