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 percent 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 percent annual increase in February. Heading into the report, consensus economists were looking for an 8.4 percent jump for March, according to Bloomberg data.
On a month-over-month basis, prices rose 1.2 percent in March following a 0.8 percent 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 surged to rise 18.3 percent month-on-month in March, comprising more than half of the total monthly increase in CPI. In February, gasoline had posted a 6.6 percent monthly increase.
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 percent in March over last year, accelerating from a 6.4 percent increase in February and representing the fastest increase since August 1982.
To read the full report from Emily McCormick at Yahoo Finance click here.