by Michael Snyder
The Economic Collapse Blog
This is what the early chapters of an inflationary meltdown look like. Last week, we were informed that “consumer prices were 7.9% higher in February than a year ago”, and that was being touted as the highest figure “in 40 years”. Of course those that follow my website on a regular basis already know that the reality is much worse than that. If the inflation rate was still calculated the way that it was back in 1980, it would be over 15 percent right now. We are already experiencing the sort of painful inflation that Americans were forced to endure during the Jimmy Carter era of the 1970s, and now the war in Ukraine is going to completely change the game moving forward.
Last week, the average price of a gallon of gasoline in the United States rose 13 percent, and since this time last year it is up 38 percent.