Inflation rose in February to 7.9% over one year, according to the consumer price index (CPI) published Thursday by the Labor Department.

This is the largest annual price increase since January 1982.

Joe Biden highlighted the impact of the consequences of the war in Ukraine, stressing that "(American) families are starting to feel the effects of Putin's price hike".

"Rising gas and energy prices have been a major contributor to inflation this month as markets reacted to Putin's aggressive actions," the US president said in a statement.

Indeed, inflation also accelerated during February, with prices increasing by 0.8% against 0.6% the previous month.

And nearly a third of that rise is due to the jump in gasoline prices, which climbed 6.6% from January.

The United States is the largest oil producer, ahead of Russia: "even if we don't buy a lot from them, oil prices are set according to global supply and demand", recalls Diane Swonk, Chief economist for Grant Thornton.

And gasoline prices should continue to climb in March, with the price per barrel close to its 2008 record.

Joe Biden announced an embargo on US imports of Russian oil and gas on Tuesday, and US Energy Minister Jennifer Granholm on Wednesday asked the country's oil companies to produce more oil to relieve the market, and therefore the costs.

– Petrol and food –

"The Russian-Ukrainian war is further fueling the skyrocketing rate of inflation via rising prices for energy, food and basic raw materials," said Kathy Bostjancic, chief economist for Oxford Economics.

American households also had to empty their wallets to buy food, since the prices of food products experienced their largest year-on-year increase since 1981 (+7.9%), with a jump of 1% for food alone. month of February.

Joe Biden on March 9, 2022 Nicholas Kamm AFP

A consequence, here too, of the conflict: "Oil increases the cost of energy, animal feed and fertilizers, while Ukraine is one of the largest producers of cereals in the world", underlines the economist.

And the rise is just beginning, she warns, since because of the war "many of these crops will not be planted this year".

Russian President Vladimir Putin also warned Thursday that Western sanctions would worsen the energy crisis and the inflation of food prices on a global scale.

– “inflation is a problem” –

Excluding volatile food and energy prices, so-called core inflation slowed in February compared to January (0.5% vs. 0.6%).

The price of housing is "by far the most important factor in the increase", specifies the Department of Labor.

Over one year, however, it accelerated to 6.4%, the highest since August 1982.

"Inflation is a problem," commented Treasury Secretary Janet Yellen in a video interview with The Washington Post.

It evokes a global phenomenon, whose roots are to be found in the pandemic, and the fact that people have shifted their spending towards the purchase of goods rather than spending on entertainment such as concerts.

A supermarket in Washington, February 19, 2022 Stefani Reynolds AFP

The White House has made the fight against inflation one of its priorities, but the Republican opposition has once again blamed the Democratic president's economic policy.

"As expected, Washington's reckless spending spree has supercharged inflation to a new 40-year high," tweeted House Conservative leader Kevin McCarthy.

Eyes are now on the US central bank, the Fed, which will hold its monetary policy meeting on Tuesday and next Wednesday, during which it should decide to start raising the key rates lowered two years ago.

This should increase the cost of credit, and slow down demand, and therefore pressure on prices.

© 2022 AFP