January 1, Inflation Hits New 40-Year High

Americans continued to pay higher prices for goods and services in February, as inflation hit a new 40-year high — 6.4%, up from 6% in January.

According to data from the Bureau of Economic Analysis, prices jumped another 0.5%, or 0.4% not including food and energy.

Food prices continued to surge, rising another 1.4%. The cost of energy also increased by a whopping 3.7%.

And it seems like the end of rising prices is not yet in sight. The new data predates the impact of the Russian invasion of Ukraine, which is likely to cause another surge in energy and food costs.

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Inflation reached new 40-year high in February