US consumer prices increase the most since 1982
March 12, 2022, 3:33 am

US consumer prices increase the most since 1982

USA-America-San Francisco-California/Pixabay

The We For News reported, February consumer price gains in the US accelerated by 7.9% compared to last year, marking the fastest annual jump since 1982. The Bureau of Labor Statistics’ Consumer Price Index (CPI) outpaced January’s previous 40-year high of 7.5%.

On a month-over-month basis, consumer price increases also accelerated. The widely followed inflation gauge surged 0.8% in February from a month earlier after increasing by 0.6% in January, reflecting rising gasoline, food and shelter costs.

Last month, the energy index jumped 3.5%, marking the largest monthly surge since October. Over the past year, the energy index was up 25.6%. Meanwhile, core prices increased 0.5% from a month earlier and 6.4% from a year ago.

Michael Gapen, chief US economist at Barclays, told Bloomberg: “Inflation is not likely to roll over and begin to come down for several more months.”

February consumer price gains in the US accelerated by 7.9% compared to last year, marking the fastest annual jump since 1982 (File photo: Pixabay)

“This sets the stage for where we are now. And we need to see how long this conflict [in Ukraine] plays out and how disruptive the sanctions regime actually is.”

The food price index rose 1% month-on-month, also picking up slightly from January’s 0.9% rise. This was driven in turn by prices for food at home, which rose 1.4% and brought the annual increase in this index up to 8.6%.

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In a statement on Thursday morning, President Joe Biden pointed to the conflict in Ukraine as a key contributor to the latest jump in prices.

Source: wefornews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”