The Labor Department reported the consumer price index (CPI) jumped 8.5 percent year-over-year in March, the highest monthly inflation growth in more than 40 years. The three largest contributors to that inflation surge were gasoline, shelter, and food, three expenses the average American can’t do without.
Prices Surging
Russia’s invasion of Ukraine fueled spikes in food and energy prices in the month of March. The Federal Reserve began raising rates in March to combat inflation, but many experts and economists believe the Fed will need to be even more aggressive with its tightening if it expects to get inflation in check.
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