NPR logo Oil Prices Are Skyrocketing. For Everything Else, Inflation's Still Low.

Oil Prices Are Skyrocketing. For Everything Else, Inflation's Still Low.

The latest U.S. inflation numbers are out this morning. Scroll down the list, and a few numbers leap out.

The price of gas at the pump rose by over 19 percent in the past year, and by 5 percent between January and February. Other energy prices — for things like fuel oil — were also up sharply, driven by the global jump in oil prices.

Otherwise, though, inflation is still pretty low.

Overall, the price of everything consumers buy rose by just over 2 percent in the past year. That's lower than the long-term average for the U.S. (but higher than the ultra-low inflation rates we've been seeing in the past few years).

The price of food also rose by about 2 percent in the past year — despite the fact that the global price of staples such as wheat, corn and sugar skyrocketed.

As we've noted before, that's largely because the price of basic food staples accounts for a tiny percentage of food prices in the U.S. We're mostly paying for labor and marketing and everything else.