For the 12 months ending in March, consumer prices surged 8.5% — posting the fastest year-over-year pace since December 1981 and topping February's previous 40-year high of 7.9%, the Labor Department said Tuesday, April 12. Even if you toss out volatile food and energy prices, so-called core inflation jumped 6.5% in March from a year earlier. That was also the sharpest such jump in four decades

Another month, another four-decade high for inflation, reports AP.

For the 12 months that ended in March, consumer prices rocketed 8.5%. That was the fastest year-over-year jump since 1981, far surpassing February’s mark of 7.9%, itself a 40-year high.

Even if you toss out food and energy prices — which are notoriously volatile and have driven much of the price spike — so-called core inflation jumped 6.5% in the past 12 months. That was also the sharpest such jump in four decades.

Consumers have felt the squeeze in everyday routines. Gasoline is up an average of 48% in the past year. Airline tickets are up 24%, men’s suits nearly 15%, bacon 18%.

The Federal Reserve never anticipated inflation this severe or persistent. Back in December 2020, the Fed’s policymakers had forecast that consumer inflation would stay below their 2% annual target and end 2021 at around 1.8%.

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