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US Inflation Soared 8.5% in Past Year, Highest Level in 41 Years

Finance and Investment concept.Money management and Financial chart

US consumer prices increased 1.2 percent in March and 8.5 percent over the past 12 months as Russia’s invasion of Ukraine pushed inflation even higher.

Source: U.S. Bureau of Labor Statistics.

DXY down -0.10%, EUR USD up +0.02%

The consumer price index (CPI), which monitors inflation, rose significantly in March as Russia’s invasion of Ukraine led to sharp price increases across the global economy.

Food prices increased 8.8% over the past 12 months and 1% in March alone, with prices for groceries increasing 1.5% and prices for restaurant and pre-pared food rising slightly by 0.3%.

Gasoline prices jumped 48% on the year after an 18.3% increase in March, and fuel oil prices grew by 22.3% last month alone.

The CPI, excluding volatile food and fuel prices, increased 0.3percent in March and 6.5 percent over the prior 12 months. Costs of non-energy related services also increased 4.7% over the year and 0.6% in March.


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