Inflation rises 7.9% in February, a new 40-year high

Inflation hit a fresh 40-year high in February, largely driven by higher gas prices. 

The consumer price index climbed 7.9% on an annual basis, according to data released on Thursday by the Bureau of Labor Statistics. Month-over-month, inflation rose 0.8%.

The year-over-year reading is in-line with estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%.

Gas jumped 6.6% in February and accounted for almost a third of price hikes. Food rose by 1%.