Consumer inflation jumped 7.9% over the past year — the biggest spike in prices since 1982.
- And it has nothing to do with the Russian war on Ukraine.
What happened: The U.S. Department of Labor said Thursday it compared prices from February 2021 to February 2022 — a 12-month span that included the ebbs and flows of the pandemic, according to The Associated Press.
- The jump came after “robust consumer spending, solid pay raises and persistent supply shortages,” according to The Associated Press.
- Prices for gas, food and housing saw the biggest increases, according to CNN.
Why this matters: “The February acceleration was the fastest pace since January 1982, back when the U.S. economy confronted the twin threat of higher inflation and reduced economic growth,” according to CNBC.
Yes, but: The jump did not “include most of the oil and gas price increases that followed Russia’s invasion of Ukraine on Feb. 24,” per The Associated Press.
- Gas has been skyrocketing in recent weeks, jumping to $4.32 per gallon on average across the nation.
The bigger picture: With the ongoing war between Russia and Ukraine, prices are expected to rise even more.
- Skyrocketing gas prices have slammed the United States in recent days, which could have a trickle-down effect on the housing market and airline tickets, as I reported for the Deseret News.