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Inflation hits another 40-year high, as gas prices continue to surge


The U.S. Consumer Price Index has increased 7.9% over the past 12 months. This is due to the fact that food, shelter, and gas prices continued rising in February. Gas accounts for nearly a third the monthly CPI index increase.

The inflation rate has steadily risen throughout winter and was last month no exception. This is the consumer price indexThe index that tracks the changes in American spending on certain goods and services increased another 0.8% in February. the Labor Department reported Thursday

Although the annual price increase was higher than in any other year in over 40 years it was still within analysts’ expected range. Following a 0.6% increase in January, the cost of almost all consumer goods rose 0.5% to February.

Also, rents increased by 0.6%. It’s significant because housing is often the most expensive item in household budgets. Also, the food index grew 1% in May. This is the highest monthly growth since April 2020.

According to the U.S. Labor Department data, here’s how prices rose last year for different items:

Gas prices keep rising