U.S. inflation accelerated in February to a fresh four-decade high, signaling supply and demand imbalances were little improved amid soaring gas prices.
The Consumer Price Index rose 7.9% over the past 12 months, the fastest since 1982, the U.S. Labor Department's Bureau of Labor Statistics reported Thursday. On a monthly basis, the CPI rose 0.8% in February, faster than the 0.6% increase reported for January.
So-called core inflation, which excludes volatile food and energy prices, rose 0.5% in February, slower than analysts' expectations. The core inflation rate was driven by increases in shelter prices as well as for recreation, household furnishings and airline fares.
