The U.S. annual inflation rate reached 8.5% in March, the highest since December 1981 and an increase over February’s 7.9% inflation rate. Some of the key factors pushing prices up right now include energy costs (up 32%) and gasoline prices (48%); food prices (8.8%); housing costs (5%); and new vehicles (12.5%).
Excluding volatile energy and food categories, Trading Economics says the consumer price index —a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods—rose 6.5% in March. That was the highest jump in the last four decades.
