March’s Consumer Price Index (CPI) report was released by the Bureau of Labor Statistics Tuesday morning, and as expected, it wasn’t pretty.
Total inflation increased by 8.5% on an annual basis in March, higher than both consensus estimates of 8.4% as well as February’s showing of 7.9%. Much of the increase was driven by gains in the energy sector, which in turn was fueled by high gasoline prices.
“Increases in the indexes for gasoline, shelter, and food were the largest contributors…
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