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By Kristin Myers, Editor-in-Chief

What's Happening Today

Happy Friday! It's Kristin with your daily morning digest.

In response to Russia's continued attacks on Ukraine, President Joe Biden announced today a revocation of normal trade relations with Russia. The Group of Seven (G-7) nations and the European Union (EU) are also expected to join the U.S. in revoking Russia's "most favored nation" status. The move could lead to higher taxes on Russian goods, so consumers who purchase Russian products might start seeing higher prices.

And a government shutdown has been averted (again) after the Senate passed the $1.5 trillion spending bill (known as omnibus) to fund the government the remainder of the fiscal year. The move sailed through the House yesterday, and includes more than $13 billion in aid to Ukraine.

Stocks are mixed as oil prices edge higher after easing yesterday, with the price of crude oil hovering at $106 a barrel. Average gas prices in the U.S. have jumped to over $4.33 a gallon, according to AAA. The average price was 50 cents lower just a week ago, showing how quickly gas prices are on the rise. If gas averages $4.40 a gallon in 2022, households could spend an extra $1,500 on gas this year, by some estimates.

- Kristin

Editors' Picks

Senate Averts Shutdown, Passes $13.6B in Ukraine Aid (The Hill)

Your Grocery List Ranked by Inflation (The Balance)

Inflation Dictionary: Your Guide to the Jargon (The Balance)

Wells Fargo Left Black Homeowners Behind in Pandemic Mortgage Refinancing Boom (Bloomberg)

How Much Money Can You Have in Your Bank Account Without Being Taxed? (The Balance)

Roth IRA vs. SIMPLE IRA: What's the Difference? (The Balance)

Off the Charts

In the month of February alone, the cost of groceries rose 1.4%, more than three times as fast as the cost of eating out, according to new government data. As the chart below shows, the annual inflation rate for "food at home," as the Bureau of Labor Statistics calls groceries, is now higher than for "food away from home."

Number of the Day

$1,985 - That's how much more American households could spend on gas this year because of soaring prices at the pump, according to one analysis.

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."