Consumer Prices Skyrocket

U.S. inflation climbed to 7.9 percent compared to a year earlier in February, which is the highest in 40 years. The Department of Labor’s Consumer Price Index is at its highest rate since 1982 when the annual inflation rate was at 8.4 percent. Skyrocketing gasoline prices, commodity prices and increasing food prices are pushing inflation higher which economists say could prompt the Federal Reserve to be even more aggressive is raising interest rates.