The consumer price index for March was expected to increase 8.4% from a year ago, according to Dow Jones estimates.
Highlights
- Consumer price index jumped 8.5% from a year ago on an unadjusted basis.
- Core inflation was the hottest since August 1982.
- The data reflected price rises not seen in the U.S.
- since the stagflation days of the late 1970s and early ’80s.
- However, core inflation appeared to be ebbing, rising 0.3% for the month, less than the Dow Jones estimate.
- The last time prices were this high, the Fed raised its benchmark rate to nearly 20%, pulling the economy into a recession that finally defeated inflation.