Consumer prices soar in US to record a new 40 year high inflation level

Inflation rose at fastest pace since 1981 in Mar'22 as the consumer prices jumped 8.5% annually

The food index rose 1% in March from February, and by 8.8% compared with the prior 12 months. Canned fruit & vegetable prices rose by 3.8%, rice & potatoes by 3.2% in March as compared to February.

Soaring gas prices were the main driver of the rise. The gasoline index rose 18.3% in March

Average unleaded gas set a record $4.33 a gallon last month before easing to $4.11 by Monday. Pump prices were up 48% from a year earlier.

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In Mar'22 the used car prices offered some relief, falling 3.8%. But that still left costs 35.3% higher than a year earlier.

The service costs are rising as the consumers are increasingly dining out & traveling. Airfares surged 10.7%, pushing the yearly rise to 23.6%. Hotel rates increased 3.3% monthly and 25.1% annually.

Grocery prices rose by 1.5 % from past month and by10% from past year. Ukraine accounts for about 8% of the world’s wheat exports and war-related disruptions have pushed up the prices of food grains.

Cereal prices rose 2.4% in March and by 9.2% from past year. Rice, pasta and cornmeal prices rose by 2.8% monthly and 9.3% annually, fresh biscuits, rolls and muffins rose 2.5% monthly and 10.8% from a year ago.

The rent increased 0.4% from the prior month and 4.4% annually.