US Inflation Quickens to Four-Decade High of 8.5%

Source: Bureau of Labor Statistics

Inflation surged to 8.5% in March, hitting the highest level in over four decades. QQQ is up 1.33%, while SPY is up 0.85%.

• The Consumer Price Index for All Urban Consumers clocked in at 8.5%, the highest since December 1981.
• The acceleration was mainly due to energy prices which surged by 32.0%. Energy commodities soared by 48.3%, gasoline by 48.0%, and fuel oil by 70.1%.
• Utility gas service also surged by 21.6%, followed by energy services by 13.5%, and electricity by 11.1%.
• The food index increased by 8.8%, with food at home prices up by 10.0% and food away from home by 6.9%.
• Annual core inflation was recorded at 6.5%.
• Monthly inflation stood at 1.2% in March, faster than the 0.8% recorded in February.