Annual Inflation Rate Hits 8.5%
The annual U.S. inflation rate hit a fresh 40-year high in March as consumer prices continued rising steadily.
According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) rose 8.5% for the year ending in March, topping February's elevated reading of 7.9% and reaching a level not seen since the early 1980's. The CPI rose 1.2% from February, the largest monthly gain since Hurricane Katrina in 2005. High energy costs and food prices were the spike's main drivers; the cost of gas rose 18% from February and 48% over the last 12 months.
Grocery prices rose 10% over the last 12 months, the largest annual jump since March 1981. Economists predicted an 8.4% annual inflation rate increase in March. Prices for all items less food and energy, which are typically more volatile, rose 0.3% from February and 6.5% annually.
Sources across the spectrum framed the report as bad news for consumers and for President Joe Biden and Democrats ahead of the 2022 midterm elections. Some highlighted how high inflation is negating recent U.S. wage growth.
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From the LeftConsumer 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...
From the CenterU.S. inflation rate leaps to 8.5%, CPI shows, as higher gas prices slam consumers
The rate of U.S. inflation topped 8% in March for the first time in more than four decades and showed little sign of easing up, explaining the new-found urgency at the Federal Reserve to quickly undo its easy-money strategy.
The consumer price index jumped 1.2% in the month, driven by the higher cost of gasoline, food and housing, the government said Tuesday. It was the largest monthly gain since Hurricane Katrina in 2005.
The increase exceeded Wall Street’s forecast of a 1.1% advance.
The rise in the cost of living has...
From the RightInflation surges 8.5% in March, hitting a new 40-year high
Inflation accelerated in March to a new four-decade high as the Russian war in Ukraine fueled rapid price gains for oil and gas that wiped out the benefits of rising wages for most Americans.
The consumer price index rose 8.5% in March from a year ago, according to a new Labor Department report released Tuesday, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 1.2% in the one-month...