February saw the Consumer Price Index (CPI) rise by 0.8 percent over January, but compared to last year, prices were up 7.9 percent. This is the highest rate of inflation in four decades — since January 1982 — when the rate was 8.3 percent. At that time, however, consumer prices were actually on the way down from a 14.6 percent peak in March 1980, as a result of the Federal Reserve Bank’s efforts to reel in the inflationary spiral of the 1970s.

• February’s increase marks the fifth consecutive month of rising annual inflation, contradicting the Fed’s assertion that the inflation would be transitory. There was a modest slowdown in the inflation rate last August, but prices have resumed their upward trajectory since then.

• Prices across all product categories have risen, with the biggest increases in Used Vehicles, up 41 percent since February 2021; Gasoline, up 38 percent, and Household Energy (electricity and gas used in the home),up more than 25 percent from a year ago.

• Excluding energy, inflation hit housing products with a 5.9 percent spike over last year. Prices for Windows and Flooring products used at home were up 11 percent each.

• Overall, Household Appliances rose 7.3 percent, just below the overall 7.9 percent increase in the CPI. Major appliances like refrigerators and dishwashers spiked 11.1 percent, while small appliances were up 5.3 percent over last year.

Consumers felt the sharpest inflationary pinch in four decades in February, as prices rose 0.8 percent over January but were up 7.9 percent from January 2021.