DALLAS (KRLD) — The Consumer Price Index, a key measure of U.S. inflation, rose at a rate of 8.5% in the past year, including an increase of 1.2% in just the last month. The latest CPI number is the highest since December 1981.
One big reason for the latest jump in inflation? The spike in gasoline prices. Bankrate Chief Financial Analyst Greg McBride said, "The war in Ukraine heavily influenced consumer prices in the month of March, nowhere more evident than the 18.3% monthly increase in gasoline prices. Gas prices alone accounted for more than half of the monthly increase in the CPI, and over the past year, gas prices are up 48%."
McBride said food prices and rising housing and rent prices were also major contributing factors in the latest report. He did point out one piece of good news. "Used car prices were down for the second month in a row, falling a sharp 3.8% for the month of March. What had been a major contributor to inflation pressures last summer is now in full-scale retreat. Let's hope this trend spreads to other categories as well," McBride said.
McBride discussed the latest inflation report, and what he will be watching in the month ahead, as he talked with KRLD's Chris Sommer.
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