U.S. inflation grows to record levels

Inflation in the U.S. grew by 7.9% in February to a new 40-year high, according to a report from the Associated Press. The spike was propelled by increasing costs for gas, food, and housing, and it was the sharpest rise in consumer inflation since 1982. The data reported by the U.S. Department of Labor for the 12-month period ending in February did not include oil and gas price surges that followed Russia’s invasion of Ukraine in late February.