Annual inflation hits 7.9 percent, fastest rate since 1982

Consumer prices rose 0.8 percent in February and 7.9 percent over the last 12 months, according to data released Thursday by the Labor Department.

The Labor Department’s consumer price index (CPI), a key gauge of inflation, showed price growth speeding up on both monthly and annual basis. Rising prices for gasoline, shelter and food drove most of February’s inflation spike, the department said.