Reno Reporter

New figures show prices, on average, have increased almost 8% in the last year — a visual representation shown at the pump where prices continue to go up — but now the administration of President Joe Biden has placed blame on Russia. 

The Bureau of Labor Statistics released the consumer price index (CPI) earlier this month for the 12-month span that ended in February of this year. It showed the index hit a new 40-year high with a 7.9% increase. 

"CPI rose 0.8% last month, much as expected. Over the year, inflation was 7.9%. Big contributions from gas, shelter and food. Core CPI rose a calmer 0.5% (again as expected), and is up 6.4% over the year," Justin Wolfers, a University of Michigan Economics professor, wrote in a tweet. "There will be lots of headlines, but this is the number everyone expected."

The data highlighted increases in indexes for gasoline, shelter and food were the largest contributors to the seasonally adjusted all items increase. The gas index had the highest jump with a steep 6.6% last month and accounted for almost a third of all items monthly increase. The index for fruits and vegetables rose 2.3% which represented it's largest monthly increase in over a decade. CPI measures inflation and takes the cost of dozens of common consumer products into account, according to CNBC.

As of March 10, the national cost of a gallon of gas was $4.32, according to the American Automobile Association. The average price for gas in Nevada was $4.87.

The Biden administration has pointed their finger at Russia's President Vladimir Putin for record-high gas prices in the U.S. The White House has coined the hashtag "PutinPriceHike" on Twitter during recent public remarks, according to FOX News.

"For months Putin has been saber-rattling, and for months gas prices have been going up — up 75 cents since he began his military build-up," Kate Bedingfield, White House Communications Director, wrote in a March 9 tweet. "This is the #PutinPriceHike in action, and @POTUS is going to use every tool at his disposal to shield Americans from pain at the pump."

For the 12 months ending in February, grocery prices have jumped 8.6% from the year before which was the largest year in 41 years, ABC News reported.

Gas prices and inflation have been rising steadily over the last year, long before Put's invasion of Ukraine, according to the index. The CPI noted gas priced jumped 40% from January 2021 to January 2022. 

Reuters reported Russia's large-scale invasion of Ukraine began Feb. 24. U.S. inflation has continuously increased since Biden took office in January 2021, according to a report from Statista last month.