February Inflation: Where are rising prices hitting Americans the hardest?
Inflation hit a fresh 40-year high with the consumer price index climbing 7.9% on an annual basis, according to the Bureau of Labor Statistics.
SlateStone Wealth Chief Market Strategist Kenny Polcari discusses inflation and market volatility.
In February, inflation hit a 40-year high after the consumer price index rose 7.9% compared to a year ago, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.8% in the one-month period from January.
FOX Business provides a roundup of the products whose year-over-year price increases are hitting Americans the hardest.
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Food and Drinks
The CPI's index for meats, poultry, fish and eggs increased 13% over the last year. Bacon prices surged 18.8%, followed by a 16.2% increase for beef and veal, a 13.4% increase for pork chops, a 13.2% increase for chicken, an 11% increase for eggs, a 10.4% increase in fish and seafood prices and a 7.1% increase for ham.
Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)
In addition, milk rose 11.2%, flour products rose 11.6%, coffee climbed 10.5%, cereal products rose 7.7% and fresh fruit and vegetables rose 7.6%.
Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)
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Rent, appliances, household goods
The shelter index rose 4.7%, its largest yearly increase since May 1991. Lodging away from home, including hotels and motels, jumped 29%, while rent of shelter grew 4.8% and rent of primary residences climbed 4.2%.
Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)
Appliance prices in February rose 7.3%, while apparel prices rose 6.6%.
Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)
Furniture and bedding rose 17.1%, laundry equipment rose 11.5% and tools, hardware, outdoor equipment and supplies increased 10.6%.
Cars & Trucks
Prices for used cars & trucks surged a whopping 41.2% year-over-year in February, while new car and truck prices each jumped 12%.
Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)
Prices for motor vehicle parts and equipment grew 14.3%.
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Energy
In February, fuel oil prices grew a staggering 43.6% since last year, followed by 38% for gasoline, 23.8% for utility gas service and 9% for electricity.
Source: February Consumer Price Index YOY/Bureau of Labor Statistics (iStock)
As of Friday, the national average for gas stood at $4.33 per gallon, according to AAA.