U.S. consumer prices surged in February, forcing Americans to dig deeper to pay for rent, food and gasoline, and inflation is poised to accelerate even further as Russia’s war against Ukraine drives up the costs of crude oil and other commodities.

The broad rise in prices reported by the Labor Department on Thursday led to the largest annual increase in inflation in 40 years. Inflation was already haunting the economy before Russia’s invasion of Ukraine on Feb. 24, and could further erode President Joe Biden’s popularity.

The Federal Reserve is expected to start raising interest rates next Wednesday. With inflation nearly four times the U.S. central bank’s 2% target, economists are expecting as many as seven rate hikes this year.