US Inflation Rises to 7.9 Percent in February, Hitting New 40-Year High

From meat to gas, prices rise across the board

Gas prices are displayed at a Mobil station across the street from the Beverly Center in Los Angeles on March 7, 2022. Mario Tama/Getty Images

The U.S. annual inflation rate surged to 7.9 percent in February, matching the market estimate, new data show.

In February, the core inflation rate, which strips the volatile food and energy sectors, climbed to 6.4 percent, according to the Bureau of Labor Statistics (BLS). This also met economists’ expectations.