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.
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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.