President Joe Biden blamed Vladimir Putin for the worst-in-40-years inflation numbers out Thursday. Sorry, Joe: This is February data; the surge in prices came before Vlad invaded Ukraine, which will surely make the March report still worse.
In February, the US inflation rate rose to 7.9%, the highest annual increase since 1982. As a result, real average hourly earnings plummeted 2.6% (the largest drop since the Labor Department started tracking that number) as higher prices ate up nominal raises.
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