A key inflation gauge sets 40-year high as gas and food soar

Inflation State Rebates
Posted at 6:37 AM, Mar 31, 2022
and last updated 2022-03-31 09:37:36-04

WASHINGTON (AP) — An inflation gauge closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances.

The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982.

Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.