The U.S. inflation rate jumped to 7.9 per cent but doesn’t include the recent oil price spike, so the figure is likely to get worse. Pressure from the rising costs for gas, food, and housing has caused the U.S. inflation rate to reach another 40-year high. This was the most rapid increase since 1982 and is an indicator of even higher prices to come.
Reported on Thursday by the Labour Department, it used the last 12 months ending in February and didn’t include most of the oil and gas increases. Since February 24, the average price of gas nationally has increased about 62 cents US a gallon. According to the American Automobile Association, the average price per gallon is US$4.32.
Canada’s inflation rate is currently sitting at 5.1 per cent and is expected to increase in the coming months. The Canadian inflation rate is at its highest since 1991. For many Americans, inflation is increasing faster than their pay raises making it difficult to afford necessities.
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