Emily McCormick · Reporter
Tue, April 12, 2022, 8:32 AM · 2 min read
{snip}U.S. consumer price increases quickened in March, underscoring ongoing inflationary pressures as supply chain disruptions and shortages lingered across the economy.
The Bureau of Labor Statistics' (BLS) Consumer Price Index (CPI) rose 8.5% in March compared to the same month last year, according to the latest report released Tuesday. That marked the fastest rise since December 1981. This followed a 7.9% annual increase in February. Heading into the report, consensus economists were looking for an 8.4% jump for March, according to Bloomberg data.
On a month-over-month basis, prices rose 1.2% in March following a 0.8% monthly rise in February.
Some of the biggest contributors to the latest increase in inflation were food, shelter and gasoline, according to the BLS. In fact, the index tracking gas prices rose 18.3% in March, comprising more than half of the total monthly increase in CPI. ... But even excluding more volatile food and energy prices, the CPI also posted a marked move higher in March. The core CPI jumped 6.5% in March over last year, accelerating from a 6.4% increase in February.
Read more: https://finance.yahoo.com/news/consumer ... 02319.html