Consumer Prices Spiked In February

The video discusses the significant rise in inflation, with prices increasing by 6.4% year over year in February, marking the largest jump since 1982. It highlights the impact of rising costs on wages and consumer prices. The economic repercussions of Russia's invasion of Ukraine are also considered, noting that the conflict's full impact may take time to manifest. The Federal Reserve's strategy to manage inflation through interest rate hikes is outlined, alongside President Biden's plan to release oil reserves to mitigate gas prices.

What was the percentage increase in prices reported for February?

• 8.4%

• 7.4%

• 6.4%

• 5.4%

What was the main reason for the rise in incomes in February?

• Government subsidies

• Increased consumer spending

• More competitive wages offered by employers

• Tax reductions

How are businesses responding to the increased costs of competitive wages?

• Laying off employees

• Cutting down on production

• Increasing product prices

• Reducing employee benefits

What is the expected duration for resolving the economic impacts of the Ukraine invasion?

• A decade

• A few weeks

• Several years

• A few months

What measure did President Biden announce to help ease gas prices?

• Increasing gas taxes

• Releasing 1,000,000 barrels of oil per day from reserves

• Subsidizing electric vehicles

• Importing more oil from the Middle East