With ever-rising costs for food, gasoline, housing and other necessities squeezing consumers and threatening the economy, inflation in the United States likely set yet another four-decade high in March.
The government’s consumer price index being released yesterday is expected to show that prices shot up 8.4% from 12 months earlier, according to economists surveyed by the data firm FactSet. That would mark the fastest year-over-year inflation since December 1981. And it would surpass the 7.9% 12-month increase in February, which itself set a 40-year high.
Economists have also forecast that from February to March, consumer prices jumped 1.1%. That would be the sharpest month-to-month jump since 2005.
The March numbers will be the first the capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets.
According to AAA, the average price of a gallon of gasoline is up 44% from a year ago, though it has fallen back in the past couple of weeks.
