Inflation at 40-Year High, Rises 7.9% in February

After rising 0.6% in January inflation accelerated rising 0.8% month-over-month in February for a year-over-year increase of 7.9%, the highest inflation rate since 1982.

The sharpest monthly rises were seen in the price of fuel oil at 7.7% and gasoline at 6.6%. Energy commodities in general were up 3.5% from January. The electricity index however declined 1.1% after rising sharply in January.

Inflation was particularly strong in South of the US with an 8.4% inflation rate and the West at 8.1% with the Phoenix, Arizona, metro area registering 10.9% inflation and the Atlanta, Georgia metro area registering 10.6% inflation.  The Midwest registered 8% inflation and the Northeast 6.6% inflation. Low inflation metro areas were New York at 5.1% and San Francisco at 5.2%.

Aside from energy other high-inflation expenditure categories in February were, month-over-month, citrus fruits at 6.8%, newspapers and magazines at 5.3%, airline fares at 5.2%, margarine at 5%, floor-covering at 4.8%, frozen non-carbonated juices and drinks at 4.6%, motor vehicle repair at 4.3%, and fresh sweetrolls, coffeecakes and doughnuts at 4.1%