Wall Street has been a bundle of nerves about potential spikes in inflation since Democrats passed $1.9 trillion in economic stimulus last month. And on Tuesday, some of the first signs of inflation came to pass.
Consumer prices for March rose 2.6% compared to the same month last year. They were lifted in particular by surging energy prices, including the cost of gasoline — which jumped 22.5% over the last 12 months ending in March.
Excluding volatile gas and food prices, America’s consumer prices still rose 1.6% from the previous year, data from the Bureau of Labor Statistics revealed. That was more than economists surveyed by Refinitiv had predicted.
In March alone, consumer prices climbed 0.6%. That was more than expected, as well as the largest increase since August 2012.