The U.S. annual inflation rate surged to 8.5 percent in March, topping the market estimate of 8.4 percent, the latest Bureau of Labor Statistics (BLS) data show. That’s the biggest spike since December 1981. Consumer prices rose faster in March, owing primarily to higher energy and food costs. The core inflation rate, which excludes the volatile food and energy sectors, increased 6.5 percent year-over-year last month. On a month-over-month basis, the consumer price index (CPI) rose 1.2 percent, while the core CPI edged up 0.3 percent. All the indexes increased notably in March, with the inflation reading being broad-based and across the board. Food climbed 8.8 percent, energy surged 32 percent, used cars and trucks soared 35.3 percent, and new vehicles jumped 12.5 percent. Apparel advanced 6.8 percent, while shelter rose 5 percent. Transportation services spiked 7.7 percent and medical care services picked up 2.9 percent. Has Inflation Peaked? Before …