Have We Hit Peak Inflation? – By Michael Rainey (The Fiscal Times) / April 12, 2022
Inflation accelerated in March, as the consumer price index rose 8.5% on an annual basis and 1.2% on a monthly basis, the Labor Department announced Tuesday.
It was the highest reading since inflation picked up in the wake of the pandemic, surpassing February’s 7.9% annualized increase, and the biggest since 1981. Gasoline, the price of which soared during March in the wake of Russia’s invasion of Ukraine, was the largest single contributor to the overall inflation level, accounting for more than half of the monthly increase.
Core inflation, which subtracts volatile elements such as food and fuel, rose a more modest 6.5% on an annual basis – lower than overall inflation, but still the highest reading in four decades.
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