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.