US inflation jumped 8.5% in past year, highest since 1981

US expansion rose above the previous year at its quickest pace in over 40 years, with costs for food, gas, lodging and diffe rentnecessities housing and other necessities

The United States Department of Labor said Tuesday that its customer cost record bounced 8.5 percent in March from a year sooner

Costs have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2 percent from February to March, up from a 0.8 percent increase from January to February.

The escalation of energy prices has led to higher transportation costs for the shipment of goods and components across the economy

Factories, ports and freight yards struggled to keep up, leading to chronic shipping delays and price spikes.

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