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By Kristin Myers, Editor-in-Chief

What's Happening Today

Good morning! It's Kristin with your daily morning digest.

Inflation has risen 7.9% over the past year, according to the latest release of the Consumer Price Index (CPI) from the Bureau of Labor Statistics. The red hot inflation numbers represent a fresh 40-year high—it's the biggest annual jump in prices that U.S. consumers have seen since 1982. The prices of just about everything are still going up, and the Russia-Ukraine conflict is likely to make things worse as higher oil prices are felt at the gas pump and rising commodity costs (like wheat) mean grocery bills could get more expensive.

In Washington, D.C., the House passed a $1.5 trillion spending bill to fund the government for the remainder of the 2022 fiscal year, and includes billions of dollars in aid for Ukraine amid Russia's continued attacks on the country. If you remember, Congress had repeatedly decided to kick the can down the road, choosing to fund stop-gap measures to avoid a government shutdown. In an effort to get this spending bill (also known as omnibus) to pass, Democrats dropped COVID-19 aid, which had long been opposed by Republicans.

After experiencing a few weeks of declines, initial jobless claims (new applications for unemployment benefits) increased last week, to 227,000. Despite the increase, the figures are still hovering around historic lows, showing the strength of the labor market during the ongoing COVID-19 pandemic.

- Kristin

Editors' Picks

Inflation Burns Even Hotter, Rising to 7.9% (The Balance)

House Passes $1.5 Trillion Spending Bill as Democrats Drop COVID Aid (The New York Times)

US Banned Russian Oil. Will Suspension of Gasoline Tax Be Next? (The Wall Street Journal)

Biden Orders Study of Cryptocurrency Regulation (The Balance)

How To Make Sure You Qualify and Get Your Child Tax Credit (The Balance)

Over Half of US Adults Support Government Action on Climate Change (The Balance)

Best 20-Year Mortgage Rates Today (The Balance)

How Long After an Accident Can You File a Claim? (The Balance)

Off the Charts

The inflation rate accelerated yet again, reaching 7.9% in February, a fresh high since 1982. The Federal Reserve pays close attention to measures of inflation, particularly core inflation, when setting its benchmark interest rate, giving the Fed even more reason to raise that rate when it meets next week.

Number of the Day

3.3% - That's how little oil the U.S. imports from Russia, showing how the recent spike in gasoline prices is due mainly to global market forces—not a lack of supply.

Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten."