Oil, Food Prices Continue to Skyrocket

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The ongoing turmoil in the Middle East is keeping oil prices high and that's having an impact on gasoline prices in the U.S.

Energy prices rose 3.3 percent in February, led by a 3.7 percent increase in gasoline costs.

According to the American Automobile Association's Daily Fuel Gauge, the national average price for a gallon of unleaded regular gasoline last week was $3.56, which was up 43 cents or 13.7 percent from a month earlier.

In some parts of the country, gas prices have topped $4 a gallon.

However, economists expect the earthquake in Japan to lower oil prices for at least one to two months.

Shoppers are finding that filling their cart at the grocery store is also proving to be more expensive. Food prices soared 3.9 percent last month, which was the biggest gain since November of 1974.

Severe weather and crop shortages are the main factors behind the jump in food prices.

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