BALTIMORE — The latest consumer price index is out and inflation continues to rise. As of March 2022, inflation stands at 8.5%.
February’s report showed inflation reached 7.9%, and the increase from February to March is the fastest rate since December 1981.
The grocery store is where inflation hits a lot of people the most.
Most people shopping at the supermarket probably knew inflation is up, even before the latest Consumer Price Index came out.
The Consumer Price Index measures the change in prices that people pay for goods and services over time, things like food, energy, and shelter.
The latest Consumer Price Index released by the Labor Department report shows consumer prices jumped 8.5 percent in March.
It means the prices shoppers pay for goods and services cost 8.5% more now than a year ago. Prices haven't jumped this much since Ronald Reagan's first year in office as president back in 1981.
The Consumer Price Index shows an average of price increases on food, energy, and shelter.
Considering items individually, it shows the price of food people buy to eat at home is 10% higher than it was a year ago. Overall energy costs are up 32%, with gas prices alone up 48% over last year.
The same goes for the vehicles people drive.
New cars are 12.5% more expensive now than they were a year ago, while used cars are more than 35% more expensive.
Utility bills also are up, with the price of electricity up more than 11% and the price of natural gas more than 21% higher. Price increases, rising expenses, and higher bills are taking a toll on many household budgets.
Unfortunately, experts don't expect any relief from inflation anytime soon.
Inflation is causing some shoppers to become more coupon conscious. Digital coupons are easy way to save. Shoppers only need to download their favorite grocery store’s app, and click the coupons for the products they want to buy. The savings come off automatically at the register. Shoppers don't have to remember to bring anything with them to the grocery store besides their shopping list.
Inflation was at 8.9% in December 1981. It hit a high of nearly 15% in march of 1980 but steadily declined after that over the following two years.
Some factors driving the current 40-year high rates of inflation include everything from the Russian invasion of Ukraine to ongoing supply chain issues.
