Inflation Spikes to New 40-Year High, With Food and Gas Prices Leading the Surge
A new report shows inflation hitting 40-year highs.
The personal consumption expenditures index rose by 6.4 percent in February, the largest increase since 1982, according to The New York Times.
The PCE posted a 6.1 percent increase in January. The index mirrors the more widely known consumer price index, which rose 7.9 percent in February.
Within the PCE data, food prices rose 1.4 percent, according to Axios.
Consumer prices were up 6.4% in February from a year earlier (per the PCE price index). That’s the fastest year-over-year increase since 1982. pic.twitter.com/xM57i7hG40
— Ben Casselman (@bencasselman) March 31, 2022
Although President Joe Biden has tried to blame skyrocketing gas prices on the Feb. 24 invasion of Ukraine by Russia, the new data shows that energy prices rose 3.7 last month — largely before the invasion took place.
What is considered the core rate by the Federal Reserve, without food and energy prices that tend to be more volatile, rose to 5.4 percent, up from 5.2 percent in January, according to MarketWatch. – READ MORE
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