The 8.5% CPI was greater than the expected 8.4%.
This is the highest inflation number since 1981.
BREAKING: Inflation hits its highest level since 1981 as March #CPI data is up 8.5% year-over-year, but one measure has investors excited: pic.twitter.com/BWLliVWWnm
— Squawk Box (@SquawkCNBC) April 12, 2022
Consumer prices are rising to their highest rates in 41 years.
BREAKING: consumer prices in the U.S. are rising at their fastest pace in 40 years, with March CPI at 8.5% https://t.co/yjE5F3hQMg pic.twitter.com/cF1w7tTmIW
— BSurveillance (@bsurveillance) April 12, 2022
The consumer price index surged 1.2% last month, the biggest monthly gain since September 2005, the Labor Department said on Tuesday. The CPI advanced 0.8% in February.
Gasoline prices on average soared to an all-time high of $4.33 per gallon in March, according to AAA. While gasoline was the main driver of inflation last month, food and services such as rental housing also made strong contributions.
March CPI hits 8.5% the Biden price hike is real! #BidenPriceHike #Bidenflation #BidenIsAFailure pic.twitter.com/5a7nibWN1R
— PureBloodKing (@SeanCra57756411) April 12, 2022