US barreling toward recession, experts say, as inflation hits 40-year-high

Jessica Chasmar / FOXBusiness

 

Inflation hit a 40-year high in February, and the worst is yet to come as the U.S. economy barrels toward a recession, experts say.

The consumer price index (CPI) climbed 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%.

Gas jumped 6.6% in February and accounted for almost a third of price hikes. Food rose by 1%.

The February data does not include Russia’s war on Ukraine, which has accelerated the rise in gas prices. As of Thursday, the U.S. national average hit a record high of $4.35 per gallon. Geltrude & Company founder Dan Geltrude told FOX Business he thinks gas prices will hit $5 this month and that it could even go as high as $10 unless the Biden administration expands domestic oil production.

“It would not surprise me,” he said. “So until the United States decides, or this administration decides that we are going to pump more oil, it is not going to change. It’s not. Fuel costs are just going to continue to rise.” See charts and video here.

State Department Says It is Reviewing What Zelensky is Adamant Amounts to Russian War Crimes

Rebecca Downs / Townhall Tipsheet

 

State Department Spokesperson Ned Price indicated during a Thursday press conference that the United States has "seen very credible reports of deliberate attacks on civilians, which would, under the Geneva Conventions, constitute a war crime." 

"We are and will be in the process of marrying reports with evidence from the ground," Price added. "And if we determine, if the international community determines that war crimes have been committed, that atrocities have been committed, that human rights abuses have been committed, we absolutely will hold the perpetrators accountable. Whether they sit in Moscow or whether their commanders on the ground in Ukraine."

This comes after Russians attacked a maternity ward and children's hospital in Mariupol on Wednesday, injuring 17 and killing three. A Thursday report from CNN indicated, though, that this is one of many medical facilities targeted by Russians in their attempts to control Ukraine, citing the World Health Organization...Read more, see tweet, and videos here.

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