U.S. February Consumer Prices Rose 7.9% From Year Earlier

U.S. inflation climbed to a 7.9% annual rate in February, another four-decade high, as skyrocketing energy and commodity prices related to the Russian invasion of Ukraine pushed already-elevated costs higher.

The Labor Department’s consumer-price index, which measures the cost of goods and services across the economy, was at its highest rate since January 1982, when annual inflation was 8.4%.

Rising energy prices, including higher gasoline prices, helped push up the inflation reading, along with increases for groceries, restaurant food, transportation services and apparel. Economists expect additional price increases related to the Ukraine crisis after crude oil prices in March hit their highest levels since 2008, and U.S. gasoline prices reached record highs.