Prices rose 8.5 percent in March compared with a year ago, the largest annual increase in four decades, as Russia’s war in Ukraine drove up energy prices even higher and policymakers launched a major effort to get soaring inflation under control.
The inflation data, released Tuesday by the Bureau of Labor Statistics, showed prices rose 1.2 percent in March compared with February. Price increases for gas, shelter and food were the largest contributors to inflation, underscoring how higher prices has become inescapable for households and businesses simply trying to get by.
Overall, the energy index rose 32.0 percent over the last year and posted sharp increases compared to February. The energy index rose 11.0 percent in March after a 3.5-percent climb in February. And the gasoline index rose 18.3 percent, after rising 6.6 percent in February.The food index rose 1 percent in March compared to February. It is up 8.8 percent compared to the prior 12 months. Rents were up 0.4 percent in March compared to the previous month, down slightly from their 0.
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