“The buying power of Americans is being squeezed more and more each day ...”
Bankrate chief financial analyst Greg McBride as new data showed a key inflation reading at a 40-year high.
mar 10, 2022
- The Consumer Price Index shows that inflation continues to rise, both month-to-month and year-over-year.
- Higher inflation reflects, in part, higher prices that outpace wages. Two main drivers of higher prices in this month's data: rising gas and food prices.
- This new data is consistent with data from the last several months that also showed a rise in inflation.
- Why It Matters: The higher inflation is, the less your dollar buys. The less your dollar buys, the more you as a consumer are under pressure - and an American consumer under pressure can slow down not only the U.S. economy, but also the global economy.
- Important To Note: This data reflects February – so while the war in Ukraine was a factor, it was only a limited factor in this data.
Inflation skyrockets 7.9% to four-decade high in February as gas prices surge