Americans' inflation fears skyrocketed again in February, with concerns over prices hitting the highest level in over a decade, according to a Federal Reserve Bank of New York survey published Monday.
in February from a year ago, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.8% in the one-month period from January.Data from the U.S. Bureau of Labor Statistics shows year-over-year rise in indexes from February 2022.
Fed Chairman Jerome Powell has left open the possibility of a rate hike at every meeting this year and has refused to rule out a more aggressive, half-percentage point rate hike, but said it's important to be "humble and nimble." Asked earlier this month whether the Fed is prepared to do whatever is needed to control inflation, even if that means hurting growth, Powell said: "I hope that history will record that the answer to your question is yes."
Still, there is added uncertainty from the war in Ukraine, as the fallout from weeks of shelling and a broadening humanitarian crisis ripple across the U.S. economy, with record-high gas prices and new supply shortages. "We will proceed, but we will proceed carefully as we learn more about the implications of the Ukraine war for the economy," Powell told lawmakers earlier this month.
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