March 10, 2022–The Consumer Price Index increased to 0.8 percent in February, bringing the annualized inflation rate to 7.9 percent, the Labor Department reported today.
The goods with the highest price increases include gasoline, shelter and food. Gas prices rose 6.6 percent in February alone and are continuing to rise. They increased 38 percent for the year. Meanwhile, energy services, such as electricity and utility, rose 43 percent over a 12-month period. Also, the index for food prices experienced the largest monthly jump of 2.3 percent since March 2010.
The inflation figures are likely to factor into the Federal Reserve‘s decision-making meeting on March 15-16. The next release date for inflation figures is April 12.
