Scott Horsley

Consumers are spending freely, even as prices climb at the fastest pace in decades. While inflation has put a dent in some people's purchasing power, others have money to burn.

Western sanctions in response to Russia's invasion of Ukraine have pushed up gas prices. Though the U.S. was not a big buyer of Russian oil, it's still subject to the whims of global energy markets.

Consumer prices surge 7.9% in February from a year ago, keeping inflation at a 40-year high.

Annual inflation rose to a four-decade high in February, as consumer prices were up 7.9% from a year ago. That does not include most of the spike in gas prices tied to Russia's invasion of Ukraine.

Annual inflation climbed to a new four-decade high in February, with consumer prices up 7.9% from a year ago. The increase does not reflect most of the recent jump in gasoline prices.

President Biden is banning U.S. imports of Russian oil: the latest move to punish Moscow for its war on Ukraine. Gasoline prices are spiking.

As the U.S. and western allies weigh restrictions on energy purchases from Russia, the U.S. is dealing with a record high price for a gallon of gas. That's due to an increase in crude oil costs.

The prospect that the U.S. and its allies could impose new sanctions on Russian oil pushed energy prices sharply higher. The average price of gasoline in the U.S. hit $4.06 per gallon.

The Federal Reserve Board plans to raise interest rates in an effort to curb inflation. It wants to do that without stalling job growth, and is likely encouraged by the latest employment report.

U.S. employers added 678,000 jobs in February as the unemployment rate fell to 3.8%, from 4% in January. The Federal Reserve hopes to curb inflation without stalling job growth.

The Labor Department will report on job growth in February. The job market has bounced back strongly from the depths of the pandemic, but some employers still struggle to find available workers.

Fed Chair Jerome Powell says the central bank is prepared to begin raising interest rates this month to fight inflation despite economic uncertainty after Russia's invasion of Ukraine.

The U.S. and its allies are taking additional steps to squeeze the Russian economy in response to the invasion of Ukraine. Russia's currency has fallen, which will mean higher prices for Russians.

A federal judge has allowed a Johnson & Johnson spinoff to proceed with a controversial bankruptcy, despite complaints from thousands who say they were harmed by the company's baby powder.

Stocks staged a remarkable recovery after plunging earlier, underlining just how volatile conditions are after Russia invaded Ukraine.

Stock prices are lower and energy prices are higher, in response to Russia's invasion of Ukraine. The U.S. stock market opened sharply lower, while crude oil prices topped $100 a barrel.

The U.S. and Europe aim their economic weapons against Russia in response to Putin's moves in eastern Ukraine. Biden says defending Ukraine's freedom will have costs for the U.S. Gas prices may rise.

Republicans boycotted a meeting of the Senate Banking Committee Tuesday, delaying a vote on five nominees to the Fed's board. The move was aimed at one nominee: Sarah Bloom Raskin.

By the standards of the last major inflation spike four decades ago, the current inflation rate is mild.

Consumer prices continue to climb at a rapid rate. The latest inflation data from the Labor Department also reflects how the pandemic is reshaping what Americans spend money on.