Rising fuel and food costs push US inflation to 7.9%
Price increases in the US continued to surge last month, pushing the annual inflation rate up 7.9%.
2022-03-10 21:10:06 - VI News Staff
That is the biggest year-on-year leap since 1982 and up from the 7.5% rate reported in January.
Rising costs for energy, food and shelter drove the gains, which are squeezing household incomes.
President Joe Biden and central bank officials are under pressure to rein in the increases, which have proven more persistent than many expected.
The Federal Reserve - the US central bank - is widely expected to raise interest rates at its meeting this month.
In the UK - where inflation hit 5.5% in January - the Bank of England has already increased rates, while the European Central Bank on Thursday said it would wind down some of its pandemic-era stimulus sooner than expected in response to the price pressures.
At a news conference, ECB president Christine Lagarde said: "The risks to the economic outlook have increased substantially with the Russian invasion of Ukraine and are tilted to the downside".
The war will have "a material impact on economic activity and inflation through higher energy and commodity prices, the disruption of international commerce and weaker confidence", she warned.