A host of factors, namely the war in Ukraine and recurring supply chain shortages, have contributed to inflation reaching a 40-year high in the United States.
Per the Bureau of Labor Statistics (BLS), the Consumer Price Index climbed 7.9% in February, with the price of food, fuel and shelter accounting for the largest share of the increase in average prices paid for goods and services. According to the BLS's latest jobs report, inflation is outpacing wages by around 3%.
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