Soaring petrol prices send US inflation to 40-year high

WASHINGTON, 13 April 2022, (TON): The US inflation rate hit a fresh 40-year high in the year to March after fuel prices soared during the first full month of the Ukraine war.

Consumer prices surged by 8.5% the largest annual gain since December 1981, following a double-digit rise in energy prices.

Last month, President Joe Biden banned all imports of oil and gas from Russia following the invasion of Ukraine.

The attack on Ukraine began on 24 February and triggered a wave of international sanctions against Russia, which is the world's second largest oil exporter.

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