AMERICAN INFLATION KEEPS SOARING, HITTING 40-YEAR HIGH

Mar 10, 2022

By Bob Komsic

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Surging costs for gasoline, food and housing in the U.S. sent inflation last month to 7.9% — the sharpest increase since 1982.
Given the data covers the 12 months ending in February, it did not include the oil and gas price hikes that have followed Russia’s further invasion of Ukraine.
Since February 24, average pump prices across the U.S. have jumped about 62-cents a-gallon to $4.32.
If gas prices remain near current levels, some economists estimate inflation south of the border could climb as high as 9% in March or April.     
In hopes of cooling things off, the Federal Reserve Board is set to start raising its key interest rate several times this year, beginning with a modest hike next week.       
Canada’s inflation rate currently sits at 5.1% — the highest since 1991.        
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