The cost of goods hit another 40-year high, as gas prices continue to surge

U.S. consumer prices are up 7.9% in the last 12 months, as the cost of food, shelter and gas continued to rise in February, with gas accounting for almost a third of the CPI index’s monthly increase.

Inflation has been steadily climbing all winter, and last month was no different. The consumer price index, which tracks changes in how much Americans pay for certain goods and services, rose by another 0.8% in February, the Labor Department reported Thursday.

While the year-over-year increase in prices was the highest in 40 years, it was in line with analysts’ expectations. The cost of most consumer goods aside from food and gas rose 0.5% in February, following a 0.6% increase the prior month.

Rents were up 0.6% as well. That’s a significant increase, since housing is usually the biggest expense in household budgets. The food index also rose 1%, the largest monthly increase since April 2020.

Here’s how much prices rose for various items in the last year, according to data from the U.S. Labor Department: