Consumer Prices Up 8.5% for Year Ended March 2022
According to the US Bureau of Labor Statistics, the Consumer Price Index increased 8.5% for the year ended March 2022, following a rise of 7.9% from February 2021 to February 2022. The 8.5% increase in March was the largest 12-month advance since December 1981.
Consumer prices for food increased 8.8 percent in March 2022, the largest 12-month advance since May 1981. Within food, prices for food at home rose 10.0 percent, and prices for food away from home rose 6.9 percent.
From March 2021 to March 2022, consumer prices for energy increased by 32.0%. Prices increased for fuel oil (70.1%), gasoline (48.0%), electricity (11.1%), and natural gas (21.6%) over this period.
Consumer prices for all items less food and energy rose 6.5% for the year ended March 2022. Prices for shelter increased 5.0%, the largest 12-month advance since May 1991.
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