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Just In: March Inflation Surge Even Worse Than Expected, Hits New 40-Year High

The following article, Just In: March Inflation Surge Even Worse Than Expected, Hits New 40-Year High, was first published on Flag And Cross.

Inflation surged again in March, with consumer prices rising a whopping 8.5 percent over March 2021 — the biggest increase since December 1981.

The figure exceeded even the pessimistic predictions of experts, who were looking at an 8.4 percent increase, according to Axios. Inflation rose 7.9 percent in February.

The Bureau of Labor Statistics said its gasoline price index registered an 18.3 percent increase.

The so-called core index that omits energy and food — which tend to be volatile — rose 6.5 percent, higher than the 6.4 percent experts expected, according to The New York Times.

Although that is lower than overall inflation, CNBC noted that the figure was the highest since August 1982.

The impact of rising prices on Americans was noted in a separate Bureau of Labor Statistics report that showed real average hourly earnings dropping by a seasonally adjusted 0.8 percent.

Is the Biden administration to blame for inflation?

The Biden administration has attempted to deflect blame for the inflation crisis.

White House press secretary Jen Psaki said Monday, even before the report emerged, that Russian leader Vladimir Putin was responsible, according to CNBC.

“We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” Psaki said.

Many on social media were skeptical about that claim.

The Federal Reserve has said it will act to curb inflation, with interest rate increases expected in May, according to the Times.

“It’s been a shock: We went for a decade when we could not get inflation to 2 percent,” Christopher J. Waller, a Fed governor, said during an event on Monday. “We’re hoping that it will go away relatively fast. That’s our job, and we’re going to get it done.”

However, many said inflation is not going to vanish instantly.

“One cannot escape it, even if one wanted to,” Joe Brusuelas, chief economist at RSM, told The Washington Post. “This is going to continue for a while.”

“Robust pay increases have been no match for the higher costs households are facing on rent, food, electricity, gasoline, and a pervasive list of both goods and services,” Greg McBride, chief financial analyst for Bankrate.com, said, according to NBC News.

“The buying power of Americans is being squeezed more and more each day, and you see this reality reflected in the dour consumer sentiment readings.”

This article appeared originally on The Western Journal.

Continue reading: Just In: March Inflation Surge Even Worse Than Expected, Hits New 40-Year High ...

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