Consumer price inflation hit a new 40-year high in March

America's inflation problem didn't abate in March. Prices kept creeping up, hitting a fresh 40-year high, data from the Bureau of Labor Statistics showed Tuesday.

The Consumer Price Index rose 8.5% for the year ended in March, not adjusted for seasonal swings, outpacing February's elevated reading of 7.9% and matching a level not seen since December 1981. It was slightly higher than the 8.4% economists had predicted.

Most of the March increase was driven by a jump in gasoline and food prices, which rose as the Ukraine conflict threw global commodities markets for a loop, as well as an upswing in housing costs.

Last month alone, US gas prices rose by more than 18%.