Inflation hits another record high

Propelled by surging costs for gas, food, and housing, the consumer price index jumped 7.9 percent over the past year. The report from the Labor Department on Thursday listed the highest inflation rate since 1982, reflecting the 12 months ending in February. That doesn’t include the spike in oil and gas prices that has followed Russia’s invasion of Ukraine. Since the war started Feb. 24, the national average of gas prices has jumped about 62 cents per gallon to $4.32, according to AAA.

What else caused the spike? Supply shortages have helped fuel inflation. Many analysts say moves by the Federal Reserve, Congress, and the White House to flood the economy with cash are major factors, as well. The Federal Reserve is set to raise interest rates several times this year in hopes of slowing inflation.

Dig deeper: Read Carolina Lumetta’s report in The Sift on the latest U.S. ban on Russian oil imports.