Inflation Hits Fresh 40-Year High As the Price of Goods & Gas Skyrocket

Brittany M. Hughes | March 10, 2022
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Inflation reached new historic levels in February, hitting a whopping 7.9% and continuing to set even higher 40-year records, according to the latest Consumer Price Index report.

Yahoo! Finance explains:

The Bureau of Labor Statistics' Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. This took out January's previous 40-year high rate of 7.5%, and matched consensus economist expectations, according to Bloomberg data.

The report notes that while wages have also increased year-over-year, the average hourly pay is up 5.1%, still nearly 3% less than inflation and decreasing a worker's spending power even when accounting for his or her higher salary.

Related: Flashback: Schumer Demands Trump Lower Gas Prices!

The CPI report further breaks down the cost of goods increases by category. Here’s how much these items have increased over this time last year:

  • Used Cars: +41.2%
  • Gasoline: +38.0%
  • Gas Utilities: +23.8%
  • Meats/Fish/Eggs: +13.0%
  • New cars: +12.4%
  • Electricity: +9.0%
  • Food at home: +8.6%
  • Food away from home: +6.8%
  • Clothing & apparel: +6.6%
  • Transportation: +6.6%
  • Shelter: +4.7%

Thanks, Brandon.