Rising fuel and food costs push US inflation to 7.9%

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Image source, Reuters

Price increases in the US continued to surge last month, pushing the annual inflation rate up 7.9%.

That is the biggest year-on-year leap since 1982 and up from the 7.5% rate reported in January.

Rising costs for energy, food and shelter drove the gains, which are squeezing household incomes.

President Joe Biden and central bank officials are under pressure to rein in the increases, which have proven more persistent than many expected.

The Federal Reserve is widely expected to raise interest rates at its meeting this month.

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