Inflation hit a 40-year high in February, and the worst is yet to come as the U.S. economy barrels toward a recession, experts say.
The consumer price index (CPI) climbed 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%.
Gas jumped 6.6% in February and accounted for almost a third of price hikes. Food rose by 1%.
The February data does not include Russia’s war on Ukraine, which has accelerated the rise in gas prices. As of Thursday, the U.S. national average hit a record high of $4.35 per gallon.
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