(NewsReady.com) – Americans are feeling the squeeze of rising inflation in nearly every part of their finances. Food, clothes, housing, and just about every other necessity cost more than they did a year ago. A new Labor Department report highlights just how bad inflation is getting for the US consumer.
NEW: Inflation soared over the past year at its fastest pace in more than 40 years. The Labor Department said Tuesday its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since 1981. https://t.co/z69zQFp6D5
— Chenue Her (@ChenueHer) April 12, 2022
On April 12, the Labor Department’s report showed the consumer price index shot up to 8.5% in the 12 months ending in March. That number is the highest since 1981, and the data shows some goods rose even more. Below are some examples:
- Electricity: 11.1%
- Food at home: 10%
- Gas utility: 21.6%
- Gasoline: 48%
- New vehicles: 12.5%
- Clothing: 6.8%
According to the Associated Press, prices are rising because of a number of factors, including consumer demand, supply chain issues, and disruptions to the global food and energy markets that have been made worse as a result of Russia’s war on Ukraine. Last month, the San Francisco Federal Reserve attributed some of it to the American Rescue Plan signed by President Joe Biden in 2021.
Of course, the reasons why inflation is rising are a lot less important to families than how the government is going to lower costs. So far, Biden has done a poor job of figuring out how to do that.
Is inflation hurting your family? Tell us how.
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