Economic Buzz: US Consumer Prices Accelerate In March

13 Apr 2022 , 08:17 AM

US consumer price index surged by 1.2 percent in March after climbing by 0.8 percent in February, reflecting a spike in gasoline prices, the Labor Department reported on Tuesday. The jump in consumer prices came as gasoline prices skyrocketed by 18.3 percent, accounting for over half of the monthly increase. Food prices also shot up by 1.0 percent. Meanwhile, the report showed core consumer prices, which exclude food and energy prices, edged up by 0.3 percent in March after rising by 0.5 percent in February. The uptick in core prices reflected an increase in prices for shelter along with higher prices for airline fares, household furnishings and operations, medical care, and motor vehicle insurance. The annual rate of consumer price growth accelerated to 8.5 percent in March from 7.9 percent in February, showing the fastest growth since December 1981. Core consumer prices were up 6.5 percent year-over-year in March, reflecting an uptick from the 6.4 percent jump in February. The annual growth represents the biggest increase since August 1982.

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