US inflation hit fresh 40-year high of 7.9% before crude oil spike

While February was once forecast as the peak for US inflation, now readings are set to increase to above 8 per cent, according to some economists

US consumer price gains accelerated in February to a fresh 40-year high on rising gasoline, food and housing costs, with inflation poised to rise even further following Russia’s invasion of Ukraine. 

The consumer price index jumped 7.9 per cent from a year earlier following a 7.5 annual gain in January, the Labor Department data showed on Thursday. The widely followed inflation gauge rose 0.8 per cent in February from a month earlier, reflecting higher gasoline, food and shelter costs. 

Excluding volatile food and energy components, so-called core prices increased 0.5 per cent from a month earlier and 6.4 per cent from a