US Inflation Rate At 7.9 %, Fastest Annual Increase In 40 Years

MIAMI (CBSMiami) - New numbers out Thursday show the year-to-year increase of inflation at 7.9%, the fastest annual rate increase in 40 years. Among the factors for the increase: The cost of energy, food and housing.

The price of energy has surged 26% over the last year, sharply increasing the cost of gasoline, fuel oil and natural gas for home heating.

Jen Psaki spoke to the White House Press Corps Thursday and said the war in Ukraine has led to the rise in gas and oil, but said experts believe inflation should still level off over the course of the year and the White House believes that to still be the case.

"In terms of prices going up, we do anticipate that gas prices and energy prices will go up. That is something that the President has conveyed very clearly to the American public. We also believe it will be temporary and not long lasting," said Psaki.