In March, consumer prices rose even higher, and the only solace is that the excruciating period of soaring expenditures may have come to an end.
Inflation rose to a new 40-year high as rising gasoline, food, and rent expenses more than offset falling used car prices.
The consumer price index increased at its fastest rate since December 1981, according to the Labor Department, confirming the Federal Reserve’s intentions for an unusually big half-point interest rate boost early next month. This is up from 7.9% in February, and inflation has now reached fresh 40-year highs for five months in a row.
Prices increased by 1.2 percent in March, the largest monthly increase since September 2005.
