On Thursday, the Labor Department issued a report showing that the annual rate of U.S. consumer prices climbed faster in February than it did the previous month. In February, consumer prices jumped 7.9 percent year on year, the quickest pace since January 1982, when prices rose 7.5 percent.According to Oxford Economics, the Russia-Ukraine conflict adds fire to the bblazing" pace of inflation by rising the cost of oil, food, and other essential necessities, which are further pushed up by supply chain issues. As a consequence, the rate of inflation will grow faster in the near future and reduce more slowly until at least 2022, according to the lady.
