US consumer prices surged in February, forcing Americans to dig deeper to pay for rent, food and gasoline, and inflation is poised to accelerate even further as Russia’s war against Ukraine drives up the costs of crude oil and other commodities. READ:
WASHINGTON — US consumer prices surged in February, forcing Americans to dig deeper to pay for rent, food and gasoline, and inflation is poised to accelerate even further as Russia’s war against Ukraine drives up the costs of crude oil and other commodities.
“Consumers’ shock at rapidly rising gas prices at the pump will continue to put pressure on the Fed and policymakers to do something, anything, to slow down the speed at which prices everywhere are moving higher,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.
Last month’s CPI data does not fully capture the spike in oil prices following the outbreak of the war in Ukraine. Prices shot up more than 30%, with global benchmark Brent hitting a 2008 high at $139 a barrel, before retreating to trade around $112 a barrel on Thursday. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this, the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing,” Mr. Biden said in a statement.
Excluding the volatile food and energy components, the CPI increased 0.5% last month after advancing 0.6% in January.
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