Home News US inflation hits 40-year high: Gasoline up 48%, fuel oil up 70%...

US inflation hits 40-year high: Gasoline up 48%, fuel oil up 70% in one year

65
0

In March compared to February, prices rose by 1.2%, the largest jump since September 2005. On an annual basis, consumer prices jumped by 8.5%, the largest increase in pace In addition, it is the sixth consecutive month that consumer prices in the United States have jumped by more than 6% annually, the Department of Labor said in a statement.

Gasoline prices have risen by 18.3% compared to February and were responsible for more than half of inflation.

Increases in fuel and food indices have led to higher prices for all products. Gasoline rose by 18.3% in March compared to the previous month and 48% in the last 12 months, while fuel oil rose by 22.3% compared to February and 70.1% in the last 12 months.

Read:   Fertilizer crisis deepens: Extra costs could push farmers to plant fewer spring crops

The index for all items continued to accelerate, rising by 8.5 percent, the highest increase in 12 months since December 1981, writes the Department of Labor.

The non-food index, less energy, rose by 6.5 percent, the biggest change in 12 months since the end of August 1982. The energy index rose 32.0 percent in the last year, and the food index rose increased by 8.8 percent, and recorded the largest annual increases from May 1981 to date.

In March, the US Central Bank raised its monetary policy rate by 0.25%, the first increase in the cost of credit in three years. Many analysts believe that the inflation advance will lead the Fed to adopt a further increase in the cost of credit, this time by 0.50%, at the meeting next month.

Read:   EU prepares to freeze assets of Putin and Foreign Minister Sergei Lavrov

If you like this article, we look forward to joining the community of readers on our Facebook page, with a Like below:

Previous articleBoardgames for the whole family. What games can you choose for fun as a couple or with children
Next article21 Russian airlines in the EU List of unsafe carriers: Hundreds of planes did not have a valid certificate of airworthiness