Washington (AFP) – US consumer prices hit a new 40-year high last month as the world’s largest economy continued to be battered by a surge of inflation, which the fallout from Russia’s invasion of Ukraine is expected to worsen. The consumer price index (CPI) was 7.9 percent higher in February compared to the same month last year, its biggest jump since January 1982 as costs for gasoline, food and housing rose, the Labor Department said Thursday. The Federal Reserve is expected to increase interest rates next week for the first time since the pandemic began to fight the price increases that hav…

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