The consumer price index measure of inflation climbed to 7.9% in February, up from 7.5% at the start of the year and the highest rate since January 1982
US inflation surged to a new four-decade high last month according to the latest official figures - even before the latest oil price spikes that threaten to worsen cost of living woes.
. A key factor behind the increase is soaring energy costs, with fuel prices up 38% year on year and natural gas rising 23.8%.They could soar further after US and UK plansThat is a headache for US President Joe Biden who, facing midterm elections later this year, has admitted motorists will face further increases at the pumps and blamed Russia for them.
Mr Biden said this week he would do all he could"to minimise Putin's price hike here at home" and America has been trying to persuade oil-exporting countries to bump up production. Grocery prices are also surging - with prices up 8.6% over the last 12 months, representing the highest year on year rate since April 1981.
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