Consumer price inflation hit a new 40-year high in March

By: CBS 58 Newsroom

Posted: Apr 12, 2022 8:03 AM CST

Originally Published: 12 APR 22 08:31 ET

Updated: 12 APR 22 08:55 ET

By Anneken Tappe, CNN Business

(CNN) -- America's inflation problem didn't abate in March. Prices kept creeping up, hitting a fresh 40-year high, data from the Bureau of Labor Statistics showed Tuesday.

The Consumer Price Index rose 8.5% for the year ended in March, not adjusted for seasonal swings, outpacing February's elevated reading of 7.9% and matching a level not seen since December 1981. It was slightly higher than the 8.4% economists had predicted.

Most of the March increase was driven by a jump in gasoline and food prices, which rose as the Ukraine conflict threw global commodities markets for a loop, as well as an upswing in housing costs.

Last month alone, US gas prices rose by more than 18%.

Stripping out the more volatile food and energy categories, prices rose 6.5% over the 12-month period ended in March -- the biggest jump since August 1982.

Energy costs jumped 32% over the last year, while food prices rose by 8.8%. It was the biggest increase in food prices since May 1981.

For the month of March, consumer prices rose 1.2% with seasonal adjustments. Excluding food and energy, prices rose 0.3% -- less than in February, underlining how big a factor commodity prices are in the current inflation spike.

Airline tickets, furniture, medical care and motor vehicle insurance also increased in price.

This is a developing story. It will be updated