US inflation jumps 8.5% over year, highest since 1981
The Consumer Price Index rose 8.5 percent over the last 12 months.[MGN]
WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.
The Labor Department’s consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since 1981.
Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.
From February to March, inflation rose 1.2%, the biggest month-to-month jump since 2005.
Gasoline is up an average of 48% in the past year. Airline tickets are up 24%, men’s suits nearly 15%, bacon 18%.