Prices kept climbing last month across the country, fueling key inflation data to levels not seen since the early 1980s, according to Consumer Price Index data released Thursday by the U.S. Bureau of Labor Statistics.
The Consumer Price Index, the commonly-used measurement in tracking inflation, slightly surpassed Wall Street expectations and stood at 7.9% in February. The CPI, which measures a basket of common goods and services like energy, food, and housing, tracks price changes in a given month compared to the same month the previous year .
The rise in inflation last month was largely driven by increases in energy costs, particularly gasoline, which ballooned after Russia’s invasion of Ukraine. However, inflation had already been steadily increasing since March 2021, climbing from 2.1% to nearly 8%. Russia’s invasion of Ukraine and the subsequent sanctions will likely cause prices to rise even further.
If water sustains life, oil helps to sustain economies and supply chains. With the removal of Russian oil from the market because of sanctions, as many as 5 million barrels of oil per day cannot be used to ship or manufacture a myriad of different products, including plastics, makeup, and clothing.
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