Inflation hits new 40-year high of 7.9%

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Inflation reached a new 40-year high in February as pump prices, propelled higher by the Ukraine war, combined with rent, food and other rapidly rising costs, continue to squeeze Americans already struggling with sky-high costs. 

The consumer price index jumped 7.9% annually, the fastest pace since January 1982, the Labor Department said Thursday. That’s up from 7.5% in January, which was also a nearly four-decade high.

Gasoline prices leaped 6.6% and made up nearly a third of February’s rise. Pump prices were up 38% from a year earlier.

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