US consumer prices accelerate in February; weekly jobless claims rise

U.S. consumer prices surged in February, culminating in the largest annual increase in 40 years, and inflation is poised to accelerate further in the months ahead as Russia's war against Ukraine drives up the costs of crude oil and other commodities.

The consumer price index increased 0.8% last month after gaining 0.6% in January, the Labor Department said on Thursday.

In the 12 months through February, the CPI shot up 7.9%, the biggest year-on-year increase since January 1982. That followed a 7.5% jump in January and was the fifth straight month of annual CPI readings north of 6%.

Economists polled by Reuters had