people buying assorted produce at a local business

The Consumer Price Index in the U.S. rises by 7.9% and Initial Jobless Claims are higher than expected.

According to the U.S. Department of Labor, the consumer price index (CPI) rose 7.9% in February from a year earlier. This is the highest level since January 1982.

The consumer price index rose by 0.8% in February compared with the previous month.

Meanwhile, the core consumer price index (excluding food and energy) rose by 6.4% year-on-year in February.

On a monthly basis, the core consumer price index rose by 0.5%.

More initial jobless claims than expected were filed in the United States last week.

The number of first-time claims for unemployment benefits rose 11,000 to 227,000 last week, the Labor Department said.

Initial jobless claims remain above 215,000, the weekly average before the COVID-19 pandemic in the United States.

The four-week average of the number of Americans filing for initial jobless benefits is a better measure of the labor market.

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