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
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.
“Any hope that inflation will peak in the near term is long gone,” said Eric Winograd, senior economist at asset manager AllianceBernstein. 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.
But in other areas unaffected by the pandemic, like rents, costs are also surging at the fastest pace in decades. Steady job growth is encouraging more people to move into their own apartments, elevating rental costs by the most in two decades. Apartment vacancy rates have reached their lowest level since 1984.
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