Inflation Rate Jumps to 8.5 Percent as Energy, Food and Gasoline Prices Skyrocket, Sundance

 Inflation Rate Jumps to 8.5 Percent as Energy, Food and Gasoline Prices Skyrocket

April 12, 2022 | Sundance

The Bureau of Labor and Statistics has released the March consumer pricing data [DATA HERE] showing the recent surge in energy, gasoline and food costs that we have all felt.

The monthly increase of 1.3% brings the annual rate of inflation to 8.5 percent year-over-year. 

This is the second wave of inflation being recorded.  Grocery store prices (food at home), energy prices, and gasoline prices are all driving the inflation rate. [BLS Table 1]

 

The good news is the March data appears to quantify the apex of the second wave rate of inflation.  The rate of increase in food, fuel and energy will now start to moderate and slow down.  The prices may, likely will, keep going up, but they will go up less dramatically than they have in the past six months.  This price plateau will hopefully remain in place until late summer, that’s when the next harvest food costs will hit in Wave-3.