Inflation up 7.9 percent in February compared to last year as price rises grip U.S. economy

Inflation kept up its blistering pace in February, and economists say Russia’s invasion of Ukraine is triggering even steeper price increases this month. 

The Labor Department reported Thursday that the Consumer Price Index, or CPI — a broad basket of goods and services — continued to rise, increasing by 0.8 percent in February, or 7.9 percent year over year, on track with economists’ expectations. 

Core inflation rose by 0.5 percent for the month. The core inflation metric includes prices of goods and services from rent to airline tickets to furniture but strips out food and energy prices, which tend to be volatile even when they are not rocked by geopolitical crises. 

The prospect of inflation peaking would have been a welcome balm to jittery markets, but with sweeping sanctions crimping Russia’s energy exports, experts warn that higher — possibly much higher — prices are imminent.