Yet another 4-decade inflation high is expected for February

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Consumer inflation in the United States likely set another 40-year high in February — and it won’t even reflect the oil and gas spikes of the past week, which will likely catapult prices even higher in coming months. Energy prices, which soared after Russia’s invasion of Ukraine on Feb. 24, jumped again this week after President Joe Biden said the United States would bar oil imports from Russia. A report from the government is expected to show that consumer inflation leapt 7.9% in February compared with 12 months earlier, according to data provider FactSet. That would be the biggest such increase since January 1982. Analysts have also estimated that prices rose 0.7% from January to February.