{"id":430456,"date":"2022-04-12T15:48:34","date_gmt":"2022-04-12T12:48:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/inflation-surges-8-5-in-march-to-highest-level-since-1981\/"},"modified":"2022-04-12T15:48:34","modified_gmt":"2022-04-12T12:48:34","slug":"inflation-surges-8-5-in-march-to-highest-level-since-1981","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/inflation-surges-8-5-in-march-to-highest-level-since-1981\/","title":{"rendered":"#Inflation surges 8.5% in March to highest level since 1981"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25785bc785e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25785bc785e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/inflation-surges-8-5-in-march-to-highest-level-since-1981\/#%E2%80%9CInflation_surges_85_in_March_to_highest_level_since_1981%E2%80%9D\" >&#8220;Inflation surges 8.5% in March to highest level since 1981&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CInflation_surges_85_in_March_to_highest_level_since_1981%E2%80%9D\"><\/span>&#8220;Inflation surges 8.5% in March to highest level since 1981&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Costly inflation climbed even higher to a new four-decade high of 8.5% in March as the Russia-Ukraine war contributed to a record surge in gas prices and exacerbated existing supply chain disruptions \u2014 forcing Americans to pay even more for basic goods.<\/p>\n<p>The latest uptick in March marked the highest annual rate of increase of inflation since December 1981,\u00a0according to data from Bureau of Labor Statistics released Tuesday.<\/p>\n<p>On a monthly basis, the Consumer Price Index \u2014 a closely tracked inflation gauge that details the costs of goods and services \u2014 rose 1.2% from February to March.\u00a0<\/p>\n<p>Labor Department officials said price increases for gasoline, shelter and food were the largest contributors to inflation. The gasoline price index rose 18.3% in March.<\/p>\n<p>Excluding volatile food and gas prices, the CPI still rose 6.5% year-over-year.<\/p>\n<p>The March report was the first to fully reflect the impact of Russia\u2019s invasion of Ukraine, which prompted a wave of crippling economic sanctions \u2014 including a US ban on Russian energy imports. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"684\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-grocery-01.jpg?w=1024\" alt=\"Grocery store shelves\" class=\"wp-image-21867461\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-grocery-01.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-grocery-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-grocery-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Consumer Price Index jumped to its highest level since 1981.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>The European Union is under pressure to enact a similar step due to its heavy reliance on Russian gas, with ongoing shipments serving as a key source of revenue for the Kremlin.<\/p>\n<p>The March reading came in slightly higher than expected. Economists had expected the consumer price index to jump 8.4% compared to the same month one year earlier.<\/p>\n<p>National average gas prices hit an all-time high of $4.33 on March 11, though they have since declined, according to AAA data.<\/p>\n<p>As of Tuesday, the national average price hovered near <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $4.10 per gallon. But prices are still much higher than they were on the same day one year earlier, when a gallon of gas cost about $2.86.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-putin-01.jpg?w=1024\" alt=\"Vladimir Putin\" class=\"wp-image-21867462\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-putin-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-putin-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-putin-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Russia\u2019s invasion of Ukraine has further roiled the global supply chain.<\/figcaption><figcaption><span class=\"credit\">Sputnik\/AFP via Getty Images<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Inflation-March22-v2-1.jpg?w=1024\" alt=\"The government's report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.\" class=\"wp-image-21867669\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Inflation-March22-v2-1.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Inflation-March22-v2-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Inflation-March22-v2-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The government\u2019s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.<\/figcaption><\/figure>\n<p>The alarming inflation data surfaced as the Federal Reserve ramps up its efforts to return to normal market conditions following extraordinary measures taken in response to the COVID-19 pandemic.<\/p>\n<p>The Fed enacted its first interest rate hike in three years last month and is expected to raise its benchmark rate several more times throughout the year \u2014 with some experts suggesting the next increase could be larger than the quarter-percentage-point hike enacted in March.<\/p>\n<p>Surging inflation has effectively erased strong wage increases for workers in what has been a historically tight labor market, with unemployment currently hovering below 4%.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-biden-01.jpg?w=1024\" alt=\"Joe Biden\" class=\"wp-image-21867456\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-biden-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-biden-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/us-inflation-march-biden-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The White House has blamed Russia\u2019s invasion of Ukraine for the recent uptick in gas prices.<\/figcaption><figcaption><span class=\"credit\">The Washington Post via Getty Im<\/span><\/figcaption><\/figure>\n<p>\u201cInflation has continued to accelerate in recent months and with the higher gasoline and food prices stemming from the war in Ukraine, the worst is likely still to come.\u201d Bankrate chief financial analyst Greg McBride said.<\/p>\n<p>White House Press Secretary Jen Psaki acknowledged the CPI report was likely to show high inflation \u2013 while laying the blame on Russian President Vladimir Putin.<\/p>\n<p>\u201cWe expect March CPI headline inflation to be extraordinarily elevated due to [Russian President Vladimir] Putin\u2019s price hike, and we expect a large difference between core and headline inflation reflecting the global disruptions in energy and food markets,\u201d Psaki said.<\/p>\n<p>Republican lawmakers have pushed back on the White House\u2019s effort to pin record gas prices on Russia\u2019s invasion, arguing President Biden\u2019s energy problems are most responsible for the situation.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The latest uptick&#8230;<\/p>\n","protected":false},"author":1,"featured_media":430457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/newspress-collage-21867277-1649768187572.png?w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[127901,49099,100568,70551,74132,126128],"class_list":["post-430456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-12-22","tag-consumers","tag-gas-prices","tag-inflation","tag-prices","tag-ukraine-war"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=430456"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/430457"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=430456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=430456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=430456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}