February Inflation: Where are rising prices hitting Americans the hardest?

In February, inflation hit a fresh 40-year high with the consumer price index climbing 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics.

The year-over-year reading is in line with earlier estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%. On a month-over-month basis, inflation rose 0.8%.

FOX Business provides a roundup of the products whose year-over-year rising prices are hitting Americans the hardest.

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Food and Drinks

The CPI’s index for meats, poultry, fish and eggs increased 13% over the last year. Bacon prices surged 18.8%, followed by a 16.2% increase for beef and veal, a 13.4% increase for pork chops, a 13.2% increase for chicken, an 11% increase for eggs, a 10.4% increase in fish and seafood prices and a 7.1% increase for ham.

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Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)

In addition, milk rose 11.2%, flour products rose 11.6%, coffee climbed 10.5%, cereal products rose 7.7% and fresh fruit and vegetables rose 7.6%.

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Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)

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Rent, appliances, household goods

The shelter index rose 4.7%, its largest yearly increase since May 1991. Lodging away from home, including hotels and motels, jumped 29%, while rent of shelter grew 4.8% and rent of primary residences climbed 4.2%.

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Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)

Appliance prices in February rose 7.3%, while appliance prices rose 6.6%.

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Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)

Furniture and bedding rose 17.1%, laundry equipment rose 11.5% and tools, hardware, outdoor equipment and supplies increased 10.6%.

Cars & Trucks

Prices for used cars & trucks surged a whopping 41.2% year-over-year in February, while new car and truck prices each jumped 12%.

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Source: February Consumer Price Index YOY/ Bureau of Labor Statistics (iStock)

Prices for motor vehicle parts and equipment grew 14.3%.

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Energy

In February, fuel oil prices grew a staggering 43.6% since last year, followed by 38% for gasoline, 23.8% for utility gas service and 9% for electricity.

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Source: February Consumer Price Index YOY/Bureau of Labor Statistics (iStock)

As of Friday, the national average for gas stood at $4.33 per gallon, according to AAA.

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