Inflation rises by the most since 1981

 

According to the latest report released Tuesday, the Consumer Price Index (CPI) of the Bureau of Labor Statistics (BLS) rose 8.5 percent in March compared to the same month last year. Consumer price increases in the United States accelerated in March, highlighting persistent inflationary pressures as supply chain disruptions and shortages persisted across the economy. 

This was the fastest increase since December 1981. This followed a 7.9 percent increase year on year in February. According to economists there was and expectation of an 8.4 percent increase in March prior to the release of the report. 

Prices increased 1.2 percent month over month in March, following a 0.8 percent monthly increase in February. 

According to the BLS, food, shelter, and gasoline were among the major contributors to the most recent increase in inflation.

In fact, the index that tracks gas prices rose 18.3 percent month on month in March, accounting for more than half of the total monthly increase in CPI. Gasoline prices increased by 6.6 percent in February. 

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