March’s Red-Hot Inflation Report

Inflation has soared over the past year at its fastest pace since 1981, with costs for food, gasoline, housing and other necessities squeezing American consumers.

According to data released yesterday by The Labor Department, US consumer prices jumped 8.5% in March from a year earlier, the sharpest year-over-year increase in more than 40 years. From February to March, inflation rose 1.2%, which is the biggest month-to-month jump since 2005.

Prices have been affected by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

Here’s a breakdown of some of the most inflated goods:

Gasoline prices accounted for half of the monthly increase, skyrocketing 48%.
Used car prices have soared 35%, though they actually fell in February and March.
Traveling is becoming more expensive, with hotels spiking 25% and airline fares 23%.
Furniture and bedding is up 15%.
Just in time for wedding season, men’s jackets, suits and coats were up 14.5%.
Grocery prices jumped 10%, including 18% increases for both bacon and oranges.