The US inflation rate soared to 8.5% in March under Joe Biden.
The 8.5% CPI was greater than the expected 8.4%.
This is the highest inflation number since 1981.
— Squawk Box (@SquawkCNBC) April 12, 2022
Consumer prices are rising to their highest rates in 41 years.
— BSurveillance (@bsurveillance) April 12, 2022
The consumer price index surged 1.2% last month, the biggest monthly gain since September 2005, the Labor Department said on Tuesday. The CPI advanced 0.8% in February.
Gasoline prices on average soared to an all-time high of $4.33 per gallon in March, according to AAA. While gasoline was the main driver of inflation last month, food and services such as rental housing also made strong contributions.
— PureBloodKing (@SeanCra57756411) April 12, 2022
PutInflation in context pic.twitter.com/onADmgZWqi
— zerohedge (@zerohedge) April 12, 2022