The Consumer Price Index was released this morning and shows inflation at 8.5 percent, which is a tenth of a point higher than the market was expecting.
It is up significantly from February when 7.9 percent was a 40 year high. Not surprisingly, the largest contributor was energy, with gas increasing 18 percent.
Even taking food and energy out of the equation, the number is still high at 6.5 percent, that is the largest number since 1982.
Related:
What Factors Are Pushing Up Food Prices?
Most consumers blame high meat prices on COVID, according to survey
UN FAO Food Price Index hits new record
USDA significantly raises food inflation outlook for 2022
Senate Ag Committee Considers Inflation as a National Emergency