March 10, 2022
Inflation, Accelerating, Hits Four-Decade High
Inflation rose .8% month-over-month in February, an even faster increase than January, to reach a 7.9% year-over-year rate.
Wall Street Journal: The CPI measures what consumers pay for goods and services, including groceries, clothes, restaurant meals, recreation and vehicles. Month to month, CPI rose a seasonally adjusted 0.8% in February.
Gasoline prices were up a seasonally adjusted 6.6% from the prior month, for an unadjusted annual increase of 38%. Groceries were up 1.4% over the prior month for an annual rate of 8.6%. Housing-rental costs rose at a slower rate, up 4.7% over the year. Used-car prices declined slightly last month, pausing double-digit price increases over the past year.
Reckless spending in Washington has fueled inflation that is effectively cutting wages for American workers.
Fox Business: For most Americans, inflation is running far ahead of the pay raises that many have received in the past year, making it harder for them to afford necessities like food, gas and rent. . .
Even before Russia’s invasion, inflation was not only rising sharply but also broadening into additional sectors of the economy. Many prices have jumped over the past year because heavy demand has run into short supplies of items like autos, building materials and household goods.
Worse, February’s data did not capture the latest hike in gas prices. The war on American energy has driven the price of gas to record highs three days in a row, and experts remain unsure when the price could begin to ease.
Bottom Line: Inflation, fueled by reckless policies in Washington, is crushing Americans.