Robust consumer demand has combined with shortages of many goods to fuel the sharpest price jumps in four decades.
Measures of inflation will likely worsen in the coming months because Thursday’s report doesn’t reflect the consequences of Russia’s invasion of Ukraine, which occurred Feb. 24. The war has disrupted global oil markets and accelerated prices for wheat, nickel and other key commodities.
Americans’ overall incomes rose 0.5% in February, the highest gain since November and up from just 0.1% in January. Wages and salaries jumped 0.8%, the most in four months. The Federal Reserve responded this month to the inflation surge by raising its benchmark short-term interest rate by a quarter-point from near zero, and it’s likely to keep raising it well into next year. Because its rate affects many consumer and business loans, the Fed’s rate hikes will make borrowing more expensive and could weaken the economy over time.
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