Annual Inflation Rose 7.9% in February, a 40-Year High
AllSides Summary
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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From the Right
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%.
From the Left
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...
From the Center
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...
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