The consumer price index for February was expected to rise 7.8% over the past year, according to Dow Jones estimates.
Highlights
- Consumer price index rises 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge.
- Food prices rose 1% and food at home jumped 1.4%, both the fastest monthly gains since April 2020.
- 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 accelerated another 0.5%, for a 12-month rise of 4.7%, the fastest annual increase since May 1991.
- Inflation has roared higher amid unprecedented government spending blitz coupled with persistent supply chain disruptions that have been unable to keep up with demand, particularly for goods over services.