Inflation in the US hit an expected 7.9% in February, the highest level since January 1982.
The increase came mainly from energy, with the rise in fuel prices accounting for almost a third of the increase. The Bureau of Labor Statistics (BLS) said the energy index rose 25.6% over the last year and the food index increased 7.9%, the largest 12-month increase July 1981. "The gasoline index rose sharply in February, increasing 6.6% after falling 0.8% in January," it added. President Joe Biden said on Tuesday that the price of fuel in the US is "going to go up" and acknowledged he "can't do much right now" due to the Russian invasion of Ukraine. The BLS also noted that in Feb...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes