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IUPUI prof: Inflation jump yet to be impacted by gas, oil prices

INDIANAPOLIS (WISH) — Consumer inflation is at a point not seen in 40 years.

According to the U.S. Department of Labor, surging costs for gas, food and housing caused inflation to jump 7.9% over the past year.

On Thursday night’s “UnPHILtered,” News 8’s Phil Sanchez spoke with IUPUI economics professor Steven Russell about when people can start to see some relief.

“I think it depends on how long the sort of supply chain problems that were caused by, again, the recovery from the pandemic recession being really fast,” Russell said. “I don’t think anyone really understood how big those problems were, and how complicated and easily disrupted international supply chains are.”

The Labor Department’s latest report shows the 12 months ending in February and didn’t include most of the oil and gas price increases that came about due to Russia’s invasion of Ukraine on Feb. 24.