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Consumer prices are rising at their fastest pace in decades — and that inflation has been most acute in household staple items like food, housing and transportation, making it hard to escape the budgetary sting.
The Consumer Price Index jumped 7.9% in February relative to a year earlier, the largest 12-month increase since January 1982, the U.S. Department of Labor said Thursday.
The index measures price fluctuations across a broad basket of goods and services. A $100 basket a year ago would cost $107.90 today.
Shelter, gasoline and food were the largest contributors to the increase in overall prices in February, the Labor Department said. (The price index jumped…