Consumer price inflation hit a new 40-year high in March
(CNN) -- America's inflation problem didn't abate in March. Prices kept creeping up, hitting a fresh 40-year high, data from the Bureau of Labor Statistics showed Tuesday.
The Consumer Price Index rose 8.5% for the year ended in March, not adjusted for seasonal swings, outpacing February's elevated reading of 7.9% and matching a level not seen since December 1981. It was slightly higher than the 8.4% economists had predicted.
Most of the March increase was driven by a jump in gasoline and food prices, which rose as the Ukraine conflict threw global commodities markets for a loop, as well as an upswing in housing costs.
Last month alone, US gas prices rose by more than 18%.
Stripping out the more volatile food and energy categories, prices rose 6.5% over the 12-month period ended in March -- the biggest jump since August 1982.
Energy costs jumped 32% over the last year, while food prices rose by 8.8%. It was the biggest increase in food prices since May 1981.
For the month of March, consumer prices rose 1.2% with seasonal adjustments. Excluding food and energy, prices rose 0.3% -- less than in February, underlining how big a factor commodity prices are in the current inflation spike.
Airline tickets, furniture, medical care and motor vehicle insurance also increased in price.
This is a developing story. It will be updated
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