Headline RoundupMarch 10th, 2022

Annual Inflation Rose 7.9% in February, a 40-Year High

Summary from the AllSides News Team

Inflation continued to worsen in February, as prices of energy and key consumer goods in the U.S. rose steadily.

The consumer price index (CPI) rose 7.9% compared to February 2021 and rose 0.8% from last month, according to data released Thursday by the Bureau of Labor Statistics. The annual percentage increase is the highest since 1982. Gasoline prices rose 6.6% from January and are up 38% over the past year. Grocery prices climbed 1.4% from January and are up 8.6% in the past year. The data doesn't account for the full effect of Russia President Vladimir Putin's invasion of Ukraine, and reports across the spectrum cited experts who said the conflict makes rising costs even more likely to continue. The average price of gas in the U.S. hit a fresh all-time high of $4.31/gallon on Thursday, according to AAA.

Reports from center- and right-rated outlets tended to emphasize the "40-year high" angle more than left-rated sources did. Some reports from left-rated outlets highlighted how the data was on track with economists' expectations. Rising gas prices are fueling debate about who's to blame and what the U.S. should do to lower energy costs and dependence on imports.

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