Inflation Soars to 40-Year High as Energy Prices Surge

US inflation accelerated to its highest level in nearly four decades in February, driven mainly by the surge in energy prices during the month.

Annual inflation clocked in at 7.9% in February, the fastest level since January 1982.
Core inflation stood at 6.4%, the highest since August 1982, with the energy index up 25.6% and the food index up to a 40-year high of 7.9%.
The gasoline index jumped 38.0%, the fuel oil index up 43.6%, and energy services up 12.3%. Used cars and trucks also surged by 41.2%.
All major energy component indexes recorded increases for the month, with natural gas up 1.5% and electricity prices posting a sharp increase.
Compared with the previous month, inflation in February was 0.8%, up from 0.6% in both January 2022 and December 2021.

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