Inflation Hits Another Record, Recession Likely
This is not good news.
In February, inflation hit a 40-year high and now economists believe that the worst is yet to come as the U.S. economy is headed straight towards a recession.
According to Fox, The consumer price index (CPI) rose 7.9% on a yearly basis. Furthermore, inflation rose 0.8% month over month.
In just February, the cost of gas rose 6.6% and it accounted for nearly a third of price hikes and food rose 1%.
What’s even worse about all of this is that the February rise in gas prices DOES NOT take into account the Russia-Ukraine conflict meaning that future reports will be even worse.
Experts also believe gas prices will hit $5 this month and it even could reach an astounding $10 unless Biden begins drilling here in the United States.
Dan Geltrude of Geltrude & Company stated, “It would not surprise me. So until the United States decides, or this administration decides that we are going to pump more oil, it is not going to change. It’s not. Fuel costs are just going to continue to rise.”
