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U.S. inflation rises 7.9% in February, prices hit new 40-year high

Thursday March 10, 2022. 04:22 PM , from Mac Daily News
Inflation hit a fresh 40-year high in February, largely driven by higher gas prices. The consumer price index climbed 7.9% on an annual basis, according to data released on Thursday by the Bureau of Labor Statistics.

Fox Business:

The year-over-year reading is in-line with estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%.
Gas jumped 6.6% in February and accounted for almost a third of price hikes.

Jeff Cox for CNBC:

Worker paychecks fell further behind, as inflation-adjusted earnings dropped 0.8% in February, contributing to a 2.6% decline over the past year.
Energy also was at the forefront of ballooning prices, up 3.5% for February and accounting for about one-third of the headline gain. Shelter costs, which account for about one-third of the CPI weighting, accelerated another 0.5%, for a 12-month rise of 4.7%, the fastest annual increase since May 1991.
Inflation has roared higher amid an unprecedented government spending blitz coupled with persistent supply chain disruptions that have been unable to keep up with stimulus-fueled demand, particularly for goods over services.
Recent surveys, including one this week from the National Federation of Independent Business, show a record level of smaller companies are raising prices to cope with surging costs.
In other economic news, jobless claims for the week ended March 5 totaled 227,000, higher than the 216,000 estimate and up 11,000 from the previous week, the Labor Department said.

Image: Gunshow by KC Green, 2013
MacDailyNews Take: Apple shares are currently trading down $4.04 (-2.48%) at $158.91.
Obviously, inflation is an ongoing concern for everyone – and every company – involved in the U.S. economy.
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Earlier this year, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
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The post U.S. inflation rises 7.9% in February, prices hit new 40-year high appeared first on MacDailyNews.
https://macdailynews.com/2022/03/10/u-s-inflation-rises-7-9-in-february-prices-hit-new-40-year-high/
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