Consumer price inflation surges 7.9% in February, most in 40 years (updated)
Mar. 10, 2022 8:31 AM ETICEBy: Liz Kiesche, SA News Editor257 Comments
- February consumer price index: +0.8% M/M vs. +0.7% expected and +0.6% prior.
- CPI +7.9% Y/Y vs. +7.9% expected and +7.5% prior, representing the largest 12-month increase since January 1982.
- Gasoline, housing and food were the largest contributors, with the gasoline index rising 6.6% in February and accounting for almost a third of the all-items monthly increase. The energy index rose 25.6% Y/Y, the largest 12-month increase since July 1981.
- The food index climbed 1.0% as the food at home index increased 1.4%, both were the largest monthly increases since April 2020.
- Core CPI, which excludes food and energy, +0.5% M/M vs. +0.5% expected and +0.6% prior.
- Core CPI +6.4% Y/Y vs. +6.4% expected and +6.0% prior. That's the largest 12-month change since August 1982.
- Added at 9:32 AM ET: "With the current spike in oil prices not reflected in the February CPI, further/renewed acceleration next month seems all but guaranteed," said Bankrate.com chief financial analyst Greg McBride. "The pervasiveness of price increases continues, but it is most acute for necessities such as food, shelter, and energy which were the biggest contributors."
- Earlier this week, Intercontinental Exchange (NYSE:ICE) to launch family of inflation expectation indexes