Consumer prices rose 7.9% in February compared to last year, four-decade high

Inflation increased by 7.9% in February, compared to the same time last year, according to the Labor Department's monthly Consumer Price Index report released Thursday.

The index measures a wide range of goods and services.

However, increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted, all-items increase, the department's Bureau of Labor Statistics said in its report.

The annualized increase for last month marked a 40-year high for the index, according to CNBC.

The month-over-month increase for February was 0.8%, according to the fed's report.

The last time the rate of inflation accelerated so quickly was January1982.

Economists surveyed by Dow Jones expected a 7.8% annualized increase, and 0.7% for the month, CNBC also reports.