Inflation has hit another four-decade high of 8.5 percent in March, according to newly released numbers from the U.S. Bureau of Labor and Statistics (BLS).
“The all items index continued to accelerate, rising 8.5 percent for the 12 months ending March, the largest 12-month increase since the period ending December 1981,” BLS reported on Tuesday.
Inflation increased by a stunning 1.2 percent in the month of March alone.
If the 1.2 percent March inflation increase was annualized, the year-over-year inflation number would be a whopping 14.4 percent.
Consumers are paying much more for everyday items than they were just one year ago, including 8.8 percent more for food, 32 percent more for energy, a shocking 48 percent more for gasoline, 12.5 percent more for new vehicles, 25.3 percent more for used cars and trucks, 6.8 percent more for apparel, and 5 percent more for shelter.
In the month of March alone, grocery prices rose 1.5 percent; the price of meats, poultry, fish and eggs increased 1 percent; cereals and bakery products rose 1.5 percent; the price of gasoline shot up 18.3 percent; airline fares rose 10.7 percent; and medical care increased 0.5 percent.
Additionally, there is some concern that the BLS underreports the real amount of inflation experienced by consumers.
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