Energy costs among the highest causes.
The Labor Department released February’s consumer price index last week, a data set economists use to gauge the rate of inflation. In February, grocery prices rose 1.4% and gas prices rose 6.6%. The cost of fruits and vegetables rose 2.3%, the largest monthly increase since 2010. Housing costs have also risen 4.7%, the largest yearly jump since 1991. 12 months’ worth of data shows that consumer prices rose 7.9% in the past year alone, the largest annual increase since April 1981.
President Biden’s administration is taking steps to try and address the ongoing inflation. Federal Reserve Chairman Jerome Powell testified before Congress last week, communicating his intention to raise interest rates by 0.25% at the next Federal Reserve board meeting. He also mentioned that this plan may change as Russia’s attack on Ukraine continues to unfold.
The February data was taken before Russia’s invasion of Ukraine, which has increased prices at the pump up to a national average of $4.31 as of last week, a record high according to AAA.
As the Lord Leads, Pray with Us…
- For Secretary Walsh to seek God’s guidance as he heads the Labor Department.
- For wisdom for the president and his administration as the cost of living continues to climb.
- For discernment for U.S. economic officials and advisors as inflation keeps rising.
Sources: Wall Street Journal, Fox Business News
