Inflation increased by a whopping 7.9 percent in February compared to the same time last year, the Labor Department announced Thursday.
The increases in indexes for gasoline, shelter and food were the largest contributors to the seasonally adjusted, all items increase, the Consumer Price Index report found, per Just the News.
Indeed, last month’s increase marked a 40-year high - the last time the rate of inflation accelerated this quickly was in January of 1982.
The month-over-month increase for February was 0.8 percent.
