Inflation Reaches Four Decade High

Inflation reached a new generational high in February, reaching the highest year-over-year inflation rate since 1982, at 7.9%, CNBC reports.

Wall Street Journal: “Before the Ukraine crisis, economists and policy makers had been hoping for a peak in year-over-year inflation this spring as supply chains heal from pandemic-related disruptions and the Federal Reserve begins an expected series of interest rate increases next week. But the outbreak of war has supercharged prices for oil, wheat, and precious metals, threatening higher inflation for longer.”