Inflation Rose 7.9% in February

The Consumer Price Index for February rose 7.9% from a year ago, according to data from the Labor Department.

As expected, high gasoline prices affected the CPI, with a reported 24% jump over the month. Other big factors in the rise include groceries and shelter.

This number makes it the highest inflation 12-month rise since 1982.

“The market likely already priced the inflation increase in accordingly, and is instead intently focused on Ukraine and the downstream impact from commodities, which are already sending shockwaves through the market,” Mike Lowengart, E-Trade’s managing director of investment strategy, told NBC News.

Inflation skyrockets 7.9% to four-decade high in February as gas prices surge https://t.co/qoITDxrrLM pic.twitter.com/oTlohHcTcQ

— New York Post (@nypost) March 10, 2022