Inflation has reached ghastly proportions, as a new report shows. Its oxygen supply must be cut.

The official Consumer Price Index numbers released Thursday were like a nightmare from the 1970s. Prices rose 7.9% in the last 12 months, and they rose at an annualized 9.6% rate in February. And as my colleague Tiana Lowe noted, the particular nature of this inflationary spiral makes the price hikes an even heavier burden than usual for people with lower incomes.