US inflation climbed to 8.5% in March
Prices in the US climbed at their highest rates since 1981, rising 8.5% over the year to the end of March..
...as the war in Ukraine drove up energy costs for Americans, the labor department announced on Tuesday.
The latest Consumer Price Index (CPI) – which measures the prices of a basket of goods and services..
– comes after the index rose by 7.9% in the year through February, the fastest pace of annual inflation in 40 years.
Driven up by continuing supply chain problems, soaring demand and rising energy prices, inflation is now at levels unseen in the US since Ronald Reagan took the White House from Jimmy Carter.
The gasoline index rose 18.3% in March and accounted for over half of all the items’ monthly increase.