“Annual inflation rate in the US accelerated to 8.5% in March of 2022, the highest since December of 1981 from 7.9% in February. Figures compare with market forecasts of 8.4%. Energy prices increased 32%, namely gasoline (48%) and fuel oil (70.1%) in the wake of Russia’s invasion of Ukraine. Also, food prices jumped 8.8%, the most since May 1981. Meanwhile, inflation also accelerated for shelter (5% vs 4.7% in February) and new vehicles (12.5% vs 12.4%) but eased for used cars and trucks (35.3% vs 41.2%). On a monthly basis, consumer prices were up 1.2%, the biggest increase since September of 2005 and matching forecasts, with main contributions coming from gasoline, shelter, and food.”
USAGOLD note: If the 1.2% monthly increase were applied on an annualized basis, it would put the inflation rate well into double digits at 14.4%.
United States Inflation Rate