A key inflation gauge sets 40-year high as gas and food soar

Published March 31, 2022 5:43 AM

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — An inflation gauge closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances. The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982. Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.

Article Topic Follows: AP National Business

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