Key Inflation Gauge Sets 40-Year High as Gas and Food Soar

Gas Pump

WASHINGTON (AP) — An inflation gauge closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances.

The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982.

Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.

By CHRISTOPHER RUGABER, The Associated Press
About Grady Culhane

Grady Culhane is a Cape Cod native from Eastham. He studied media communications at Cape Cod Community College and joined the CapeCod.com News Center in 2019.



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