US inflation rose 8.5% in March, highest level since 1981
Surging food, energy, and shelter costs helped account for the gain
By Arghyadeep Dutta
Published - Apr 12, 2022, 07:51 PM ET
Last Updated - Feb 21, 2024, 03:01 PM EST
• Gasoline prices in March jumped 18.3% since Feb and 43% compared to a year earlier
US consumer prices soared in March to their highest levels in more than 40 years, with costs for food, fuel, housing, and other necessities wiping out the pay raises that Americans have received.
On Tuesday, the Labor Department said that its consumer price index (CPI) jumped 8.5% compared to a year earlier, the biggest year-over-year increase since December 1981.
Dow Jones estimated the inflation index to be around 8.4%.
