By Dan Weil The Federal Reserve has a 2% target for inflation, but consumer prices surged 7.9% in the 12 months through February. Inflation is on a rampage, with consumer prices soaring 7.9% in the 12 months through February, a 40-year high. The March numbers come out Tuesday, and economists surveyed by Bloomberg have a median forecast of 8.4% for the 12 months through March, another 40-year peak. They don’t see that rate lasting, but they still forecast an average of 5.7% for the fourth quarter. That’s about three times higher than the rate in years preceding the Covid pandemic, Bloomberg rep…