Prices popped once again in March, with the latest consumer price index showing a 1.2 percent month-over-month increase and 8.5 percent increase from a year ago, which was the highest reading since 1981.
With war raging in Ukraine and COVID-19 shutdowns wracking large parts of Asia, the jump was expected, though economists were watching closely for signs of a peak.
One data point suggesting prices could be leveling off was the core inflation reading, which cuts out volatile food and energy prices. The measure was up 0.3 percent year-over-year, lower than the consensus estimate of half a percent. In addition, used car prices, which have skyrocketed over the pandemic, declined by 3.8 percent.
"The March report shows some moderation in core CPI, month over month," said Mace McCain, the president and CIO at Frost Investment Advisors, in a statement. "However, we expect continued price pressure due to the lockdowns in China as the supply chain struggles to normalize."
The gasoline index, meanwhile, was up 18.3 percent in March and 48 percent from a year ago, contributing half of the total increase for the month.
The report was the first to fully capture the impact of the war in Ukraine, which has sent commodity prices soaring and created jitters throughout financial markets globally.
"The Russia-Ukraine war has added further fuel to the blazing rate of inflation via higher energy, food, and commodity prices that are turbocharged by a worsening in supply chain problems," wrote Kathy Bostjancic, chief US financial economist for Oxford Economics. "This will lead to a higher near-term peak in inflation and a slow descent through 2022."
Shelter prices were up a half a percentage point, and food prices were up 1 percent for the month.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Scott Trench, host of the BiggerPockets Money Podcast, explores how recent rate cuts, high borrowing costs, and mortgage rates are reshaping U.S. real estate.
A look into how disruption, AI, and global economic trends are transforming the modern supply chain with Jeremy Jansen, Head of Supply Chain at Wells Fargo.
Delta CSO Amelia DeLuca reveals at the Fast Co. Innovation Festival how tech, sustainable aviation fuel, and smart operations are revolutionizing air travel.
Chipmaker Nvidia will invest $100 billion in OpenAI as part of a partnership that will add at least 10 gigawatts of Nvidia AI data centers to ramp up the computing power for the owner of the artificial intelligence chatbot ChatGPT.
Two of the nation’s biggest real estate services companies are combining in a deal that will bring Century 21, Compass and several other major brokerage brands under the same umbrella.
Colin & Samir break down YouTube’s $100B payout to creators and explore why nearly a third of Gen Alpha want to be YouTubers — plus what that means for you.
