This morning, the federal government released new inflation numbers breaking last month’s record and setting a new 40-year record. The Bureau of Labor Statistics’ Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. This took out January’s previous 40-year high rate of 7.5%, according to Bloomberg data.
U.S. consumers paid more for a variety of goods and services in February compared to the prior month and year, with prices climbing across the economy amid lingering supply and demand imbalances. This trend, which includes fuel costs will most certainly impact township budgets and spending decisions.