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CPI up 7.9% in February; Surging Energy, Commodities Costs in Wake of Ukrainian Crisis Pushing Prices Higher
Last week the U.S. Labor Department reported that inflation reached a 40-year high of 7.9 percent in February, just as Russia’s invasion of Ukraine and the global response pushed energy and commodity prices sharply higher. Before the Ukraine crisis, economists and policy makers expected a peak in year-over-year inflation this spring as supply chains recover from pandemic-related disruptions and the Federal Reserve begins a series of interest rate hikes. On a month-over-month basis, headline inflation is moving up, while core inflation, which excludes food and energy, is moving down.
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