Report: Inflation in the U.S increased by 8.5% last year, the highest since 1981

The Consumer Price Index rose 8.5 percent in March from a year earlier, according to the Labor Department, the largest year-over-year increase since December 1981. Prices have risen due to bottlenecked supply chains, strong consumer demand, and global food and energy market disruptions exacerbated by Russia’s war in Ukraine.

Over the last year, inflation has accelerated at its quickest rate in more than 40 years, putting pressure on American consumers and wiping out salary rises for many.

Inflation jumped 1.2% from February to March, up from 0.8% from January to February, according to the government’s report.

The March inflation figures were the first to show the full impact of Russia’s Feb. 24 invasion of Ukraine on fuel prices. The savage attacks in Moscow have prompted far-reaching Western sanctions against Russia’s economy, causing global food and energy markets to be disrupted.

According to AAA, the average price of a gallon of gasoline is $4.10, up 43 percent from a year ago, though it has just dipped back.

The rise in energy prices has resulted in greater transportation costs for the distribution of goods and components across the economy, which has resulted in higher consumer prices.

The recent findings of rising prices will strengthen expectations that the Federal Reserve will raise interest rates sharply in the coming months in an attempt to curb borrowing and spending while also taming inflation. Financial markets now expect considerably higher rate hikes this year than Fed officials predicted just a month ago.

Even before Russia’s war, healthy consumer spending, steady pay gains, and chronic supply shortages had pushed consumer inflation in the United States to its highest level in four decades.

Furthermore, housing expenses, which account for nearly a third of the consumer price index, have risen, a trend that does not appear to be changing anytime soon.

Consumer spending has steadily expanded beyond products to include more services as the economy has emerged from the depths of the pandemic, according to economists.

16 Responses

  1. Stop lying. Everything has more than doubled in price. Where do you liars come up 8.5%? Gas has more than doubled since that fraud took office. Oh yeah you worthless POS people “fortified” the election through mail in ballots.

  2. Just shows how incompetent this administration is. They sure know how to spend with no though to results. It shows this administration nodes not care about you and your future.

  3. This is what happens when you put democrats in total charge of government. Well one thing we now know is who to blame for everything, and it isn’t Trump & the republicans.

  4. Everyone who DID NOT GET a rise in earnings is going to be/already is “HURTING!”

    President BIDEN needs to be fired from his job/position!!!! CUT HIS PAY to $ 0.00 BECAUSE HE ALREADY HAS ENOUGH TO LIVE ON!!

    W. Sexton

  5. The feds need to start in their own backyard when it comes to buying ànd spending. Most American’s really don’t have much exyra to spend or buy except the necessities to live on. The government needs to rein in their own spending and printing money which we don’t have to spend.

  6. This is the plan to destroy this country & democracy.Biden’s a traitor, thief, liar who has been pd off to convince the liberals to join him in becoming communists.The grooming of children the crt taught & the woke narrative with fact that this administration which has no job experience is supporting the ruination of the US.Open boarders create an unsafe and dem padded election and also drain out finances.All together the agenda of a traitor Biden and his dem regime is all but complete.How this will end will be history in the making.

  7. Everytime the Marxist Democrats are out in charge of Congress and the Presidency, our economy is wrecked.
    Taxes rise
    Unemployment rises
    Cost of Food, and Gasoline rise.
    GDP drops
    et cetera, et cetera, et cetera

  8. Well, it is all Biden’s fault for closes the pipelines just to get back at President Trump. The idiot should have known this was going to happen. We all did!! !So did President Trump and acted on it right away!!! There is no accounting for stupidity and believe me, Biden is beyond even that point!!! The man is NUTS!!!

  9. it is all done on purpose by the wh.to ruin american way of life and to ruin our country, those people don’t like the country all they want is their fringe benefits. and think they will rule the Americans. Boy they are in for a big surprise in November.

  10. I wonder if these people in our government have a clue or a care as to what inflation does to our lives. They can just poison pill raises for themselves and money for their staffs. Oh wait a minute I think this last sneaky budget had monies for staff. Maybe another social security increase is needed to offset the increases.

  11. WallStreet watchman, should be censored/blocked for reporting misleading information! As inflation started on day one of Biden’s administration…..long before Russia invaded Ukraine! Biden’s reversal on day one of all POTUS Trumps great policies put forward on behalf of the American ppl, is what destroyed the American Economy, that and his support to shut down the key stone pipeline, supporting Russia in opening their pipeline, making a deal with Putin to buy all oil from him, destroying America’s self-independence of oil! Not to mention giving free access, importation/smuggling of illegals across the American border promising free food, housing, health, exemption from vaccine mandates, $45,000.00 of American Tax payers money into the pockets of every illegal that Biden smuggles/imports into the nation for a democrat party vote……His transportation director taking a six months paternity leave, leaving zero in charge of transportation, is why the bottle neck in products at the shipping lanes and across the nation!

  12. Anyone ever stopped and thought that destroying our country is the plan? Think about all the rich politicians that have been buying homes overseas and busy, busy stealing our tax money. They’re hanging us out to dry with no remorse. What are the chances we have a compromised President? I would say mighty likely.

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