Inflation accelerated to 8.5% in March, highest since 1981
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Inflation hit a fresh 40-year record in March as U.S. consumer prices rose 8.5% from a year ago, the Labor Department said on Tuesday.
The Consumer Price Index, which tracks a basket of goods and services, jumped 1.2% in March after increasing 0.8% in February, showing that inflation gained speed last month. Core inflation, which strips out volatile food and energy costs, rose 6.5% from a year ago.
Nearly half the latest increase in inflation came from the rising cost of gas, which climbed 18% in March to reach a record-high average of $4.33 a gallon. Costs for food and shelter also surged, with airline fares, health and car insurance and furniture contributing to the increase.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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