In the aftermath of Russia’s invasion of Ukraine, the US price increase has been found to have deepened.
The U.S. Department of Labor announced on the 12th local time that the consumer price index rose 8.5% in the month of last year.
This is the biggest since December 1981, far outpacing the 7.9% gain in February and exceeding analysts’ forecasts compiled by the Wall Street Journal.
Compared to February, it rose 1.2%, recording the largest monthly increase since 2005.
Gasoline prices accounted for half of the month-over-month increase.
The average US gasoline price soared to $4.33 per gallon on the 11th of last month amid concerns over a global oil supply shortage after Russia’s invasion of Ukraine began in late February.
As a result, energy prices in the last month increased by 11% from February and 32% from the same month last year, respectively.
Food prices also rose 1% in February and 8.8% in the same month last year, respectively, due to the war between the two countries, which supplies major grains and fertilizers to the world, such as wheat and corn.
Excluding energy and food, which is highly volatile, the core CPI rose 6.4% from the same month last year and 0.3% from February.
YTN Kang Tae-wook ([email protected])
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