Business

Inflation rises to 8.5% in March, highest in more than four decades

By Zach Halaschak
Published April 12, 2022 12:30pm ET
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Inflation rises to 8.5% in March, highest in more than four decades
Despite gas prices declining, core inflation as gauged by the consumer price index is expected to have increased in July. This photo from California in March 2021 shows the high gas prices. | (Kelsey Halaschak)

Consumer prices increased 8.5% in the 12 months ending in March, a number that is sure to fuel consumer anxiety and erode support for President Joe Biden’s agenda.

The inflation rate is now higher than at any time since December 1981, when the United States was still suffering the Great Inflation that helped bring President Ronald Reagan to office, according to the data released by the Bureau of Labor Statistics on Tuesday.

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Biden Administration Federal Reserve Inflation Prices