Annualized inflation in the United States registered its highest level in more than 40 years in March, mainly due to gasoline prices that skyrocketed especially with the war in Ukraine.
Prices rose 8.5% in 12 months, compared to 7.9% in February, according to the Consumer Price Index (CPI) released Tuesday by the Labor Department.
The report is the first to cover the impact of Russia’s invasion of Ukraine and subsequent Western sanctions against Moscow, which has sent food and energy prices soaring around the world.
In one month, prices rose 1.2%, compared to 0.8% in February. The price of gasoline in the United States alone soared 18.3% from the previous month, and accounted for about half of inflation, the department said.
Total energy prices rose 11% from February, which included a 22.3% jump in oil prices, according to the report.
For a year now, inflation has been above the 2% target the Federal Reserve (US central bank) set.
On Monday, the White House spokeswoman, Jen Psakihad warned that March inflation would be “extraordinarily high.”
Consumer prices in February marked an increase of 7.9% in 12 months, an unprecedented level since 1982 according to the CPI consumer price index.
Inflation should not ease for several months as the war in Ukraine added pressure on prices.
