U.S. inflation jumped 8.5% in past year, highest since 1981

Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received. The Labor Department said Tuesday its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. /ASSOCIATED PRESS FILE PHOTO
WASHINGTON (AP) – Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March…

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