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U.S. News & World Report: Soaring Gas Prices Drive Inflation to a 40-Year High of 7.9% in February

10 March 2022

article source: u.s.news & world report

overview: Inflation showed no sign of abating in February, as consumer prices rose 0.8% for the month and 7.9% on an annual basis with the price of gasoline accounting for nearly a third of the increase, the Labor Department reported on Thursday.

excerpt:

The numbers suggest there will be no relief for companies struggling to fill some 11 million open positions. The tightness in the labor market has led to wage increases for in-demand workers such as those in manufacturing, logistics and software developers.

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