PHX Reporter

Inflation numbers in the U.S. keep going up.

The Bureau of Labor Statistics recently released the Consumer Price Index (CPI) data for the 12 months ending in February 2022. The data showed a 7.9% annual increase, a 40-year high.             

CPI data showed that increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted "all items" increase. The gasoline index rose 6.6% in February and accounted for approximately one-third of the "all items" monthly increase. The gas index fell 0.8% in January.     

The index for fruits and vegetables had the largest increase, rising 2.3%, representing its largest monthly increase since March 2010.           

CNBC reported that the Consumer Price Index is a measure of inflation, which takes into account the cost of numerous consumer goods.                         

The national gas price average was $4.24 as of March 30, according to the American Automobile Association (AAA). The average in the state of Arizona was $4.69 per gallon. 

The Biden administration is placing blame on Russia's leader, Vladimir Putin, for record-high gas prices in the U.S. The White House coined the hashtag "PutinPriceHike" on Twitter and during recent public comments, according to Fox News.                       

Kate Bedingfield, White House communications director, said on Twitter on March 9, "For months, Putin has been saber-rattling, and for months, gas prices have been going up – up 75 cents since he began his military build-up. This is the PutinPriceHike in action, and POTUS is going to use every tool at his disposal to shield Americans from pain at the pump."    

For the 12 months ending in February, grocery prices jumped 8.6%, the biggest year-over-year increase since 1982, according to ABC News.                 

Gas prices and inflation have been steadily rising over the past year, since before Putin’s invasion of Ukraine, according to Consumer Price Index data. During the 12 months from January 2021 to January 2022, gasoline prices rose 40%.          

Russia's large-scale invasion of Ukraine began on February 24, Reuters reported.       

U.S. inflation has steadily increased since Biden took office in January 2021, according to a report from Statista.