Russia’s invasion of Ukraine is boosting U.S. inflation, notes Grumpy Editor.
Simply put: The economy is being affected by higher oil prices.
Economic consequences of Russia’s invasion are leading upward movements in commodity prices, especially energy. “That’s going to work its way through the U.S. economy," says Federal Reserve Chairman Jerome Powell.
“We’re going to see upward pressure on inflation, at least for a while,” he adds.
Consumer prices already are rising at the fastest pace in four decades, jumping 7.5 percent in January from a year prior.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…
NAVY RECOVERS SUBMERGED FIGHTER JET. Concerned that China might get to it, the U.S. Navy recovers the advanced F-35C Lightning II stealth fighter jet from the bottom (12,400 feet) of the South China Sea that it lost after a crash aboard aircraft carrier USS Carl Vinson a month ago.
CLAM CONTAINS $100,000 PEARL. Michael Spressler thought he'd cracked a molar after biting into a raw clam at his favorite South Jersey restaurant. Then he finds that “it was a perfectly round pearl.” At 8.83 millimeters, it could be worth as much as $100,000.
NEW WEATHER SATELLITE IN ORBIT. The U.S.'s latest weather satellite takes flight, designed to improve wildfire and flood forecasting across the western half of the country. It replaces a satellite that was launched four years ago.
AMELIA EARHART'S HELMET AUCTIONED. The leather helmet that Amelia Earhart wore on a flight across the Atlantic Ocean in 1928 sells at auction for $825,000. It goes to an anonymous on-line bidder.
PRESERVED SHIP'S WRECKAGE FOUND. The 130-year-old wreckage of the ship Atlanta is discovered at the bottom of Lake Superior, 35 miles off Deer Park, Michigan. The Great Lakes Shipwreck Historical Society says the ship is a "wonderfully preserved shipwreck” 650 feet below the lake's surface.
NORTH KOREA FIRES ANOTHER MISSILE. North Korea fires another suspected ballistic missile into the sea, extending its streak of weapons tests this year amid a prolonged freeze in nuclear negotiations with the United States.
YELLOWSTONE PARK MARKS DEBUT. Yellowstone National Park, Wyoming, this month marks its establishment by an act of Congress in March, 1872, the first area in the world to be designated a national park. It covers nearly 3,500 square miles mostly in Wyoming and into parts of Montana and Idaho.
WATERLOGGED COW TAKES RIVER RIDE. A cow carried away by floodwaters in Australia is found wandering on a beach after floating down a river in New South Wales. The confused cow drifted about three miles down Tweed River from a farm in the Terranora area.
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