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.
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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.