Inflation Soars to 7.9%, Highest in 40 Years – By Yuval Rosenberg and Michael Rainey (The Fiscal Times) / March 10, 2022
Happy Thursday! Baseball is back, as owners and players reached a deal. Here’s what else is happening following yesterday’s congressional drama around the $1.5 trillion omnibus spending package.
Inflation Soars to 7.9% Annual Rate, Highest in 40 Years
Rising prices for everything from fuel and food to services and housing sent the 12-month consumer inflation rate soaring to 7.9% in February, the Labor Department announced Thursday.
For the month, consumer prices rose by a hefty 0.8%. On an annual basis, the inflation rate surpassed the extraordinary 7.5% recorded in January. “The 12-month increase has been steadily rising and is now the largest since the period ending January 1982,” the report says.
Wages were unable to keep pace with spiraling prices. Inflation-adjusted average hourly earnings dropped by 2.6% in February, according to a separate report released Thursday.
CONTINUE > https://www.thefiscaltimes.com/newsletter/20220310-Inflation-Soars-79-Highest-40-Years
