As food, gasoline and other necessities rose sharply in price, Americans' finances were squeezed by 6.4% inflation in February, according to a gauge closely monitored by the Fed.
With strong consumer demand and shortages of many goods, prices have shot up to the highest levels in four decades. Due to Russia's invasion of Ukraine, which occurred on Feb. 24, inflation will likely worsen in the coming months. Oil prices have risen as a result of the war, as have prices for other commodities like wheat.
31 March 2022
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