CPI

The inflation rate hit 8.5% annually in March, a new 40-year high, on surging gasoline and food prices. Inflation likely has peaked, economists say.

And fresh biscuits, rolls and muffins rose 2.5% monthly and 10.8% from a year ago. Grocery prices increased 1.5 from the prior month and 10% over the past year. Breakfast cereal prices rose 2.4% monthly and 9.2% from a year ago. Gasoline prices were the chief culprit, jumping 18.3% and accounting for more than half the overall rise in costs. Airfares surged 10.7%, pushing the yearly rise to 23.6%. Hotel rates increased 3.3% monthly and 25.1% annually. And rent increased 0.4% from the prior month and 4.4% annually. But Ian Shepherdson of Pantheon Macroeconomics says further softening in core prices could cause the Fed to pull back to a quarter-point increase at the June gathering. And the war could extend the supply troubles and outsized price gains longer than anticipated, says Barclays economist Pooja Sriram. Barclays estimates yearly inflation will still be 6.4% in June and 4.4% at the end of the year. But on a monthly basis, core prices increased 0.3%, the slowest increase in six months and a sign such prices may be easing, Contingent Macro Research says. Ukraine accounts for about 8% of the world’s wheat exports and war-related disruptions to shipments are pushing up the prices of wheat-related products, along with other commodities. Consumer prices climbed further into the stratosphere in March and the only consolation is that the painful bout of skyrocketing costs may have peaked. Excluding volatile food and energy items, so-called core prices rose 6.5% annually in March, the largest advance since August 1982.

The Consumer Price Index data released Tuesday showed a whopping 18.3 percent increase in gasoline prices in March from the prior month, seasonally adjusted, ...

Fares for domestic flights booked in March were 20 percent higher than in the same month in 2019, according to an analysis by the Adobe Digital Economy Index, which draws on online sales from six of the top 10 U.S. airlines. In the eurozone, the annual inflation rate jumped to 7.5 percent in March, up from 5.9 percent the previous month. Energy and food prices are often volatile, but what worries central bankers is price increases spilling over into other goods and services, followed by workers demanding higher wages to cope with the higher cost of living. “People are pulling back because of inflation and high prices elsewhere, so stuff is starting to pile up a bit at the warehouses,” he said. The price of household furnishings and supplies rose 1 percent in March, the eighth consecutive monthly increase in that category. Russia is the third-largest producer of oil, and crude prices spiked, followed by gas prices, which hit a record high in early March and kept rising. The theory is that weaker demand will help supply to catch up, helping to tame the burst of inflation. The latest monthly reading from the Consumer Price Index, which showed prices climbing at the fastest pace since 1981, is likely to keep it on that course. However, since passage of the 2007 law, the mandate has been met with criticism that it has contributed to increased fuel prices and has done little to lower greenhouse gas pollution. On Tuesday, the Environmental Protection Agency will issue a waiver that will allow the blend known as E15 — which is made of 15 percent ethanol — to be used between June 1 and Sept. 15. Utility expenses for the average household for the period stretching from October to March have surged in comparison with the same period a year prior. Instead, oil prices will continue to swing sharply, and more spikes are likely as the war continues.””

The consumer price index for March was expected to increase 8.4% from a year ago, according to Dow Jones estimates.

Still, due to the surge in inflation, real earnings, despite rising 5.6% from a year ago, weren't keeping pace with the cost of living. 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. Also, commodity prices excluding food and energy fell by 0.4%. Core inflation was the hottest since August 1982. In a sign of economic recovery from a sector hard-hit during the Covid pandemic, airline fares jumped by 10.7% in the month and were up 23.6% from a year ago. One sector that has been a major driver in the inflation burst subsided in March. Used car and truck prices declined 3.8% for the month, though they are still up 35.3% on the year. Shelter costs, which make up about one-third of the CPI weighting, increased another 0.5% on the month, making the 12-month gain a blistering 5%, the highest since May 1991. The Atlanta Federal Reserve wage tracker for March indicated gains of another 6% which is "symptomatic of inflation pressures continuing to broaden," said Brian Coulton, chief economist at Fitch Ratings. Coulton pointed out that the core inflation deceleration was due largely to a drop in auto prices, while other prices continued to show increases. The inability of wages to keep up with costs could add to inflation pressures. Real average hourly earnings posted a seasonally adjusted 0.8% decline for the month, according to a separate Bureau of Labor Statistics report. The data reflected price rises not seen in the U.S. since the stagflation days of the late 1970s and early '80s. March's headline reading in fact was the highest since December 1981. Prices that consumers pay for everyday items surged in March to their highest levels since the early days of the Reagan administration, according to Labor Department data released Tuesday.

U.S. consumer price increases quickened in March, underscoring ongoing inflationary pressures as supply chain disruptions and shortages lingered across the ...

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The Bureau of Labor Statistics released the March Consumer Price Index data this morning. The year-over-year non-seasonally adjusted Headline CPI came in at ...

The energy index rose 32.0 percent over the last year, and the food index increased 8.8 percent, the largest 12-month increase since the period ending May 1981. The all items less food and energy index rose 6.5 percent, the largest 12-month change since the period ending August 1982. The index for all items less food and energy rose 0.3 percent in March following a 0.5-percent increase the prior month. In contrast, the index for used cars and trucks fell 3.8 percent over the month. The all items index continued to accelerate, rising 8.5 percent for the 12 months ending March, the largest 12-month increase since the period ending December 1981. Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase.

The rate of U.S. inflation shot up to 8.5% in March for the first time in more than four decades and showed little sign of easing up, explaining the...

The cost of prescription drugs and communications also fell. Food prices also climbed 1% for the second month in a row — and they’re likely to keep rising. In some parts of the country prices even topped $7 a gallon. Shelter costs account for a third or more of a typical household budget. If it doesn’t act fast enough, inflation could get ingrained in the economy and hurt the U.S. in the long run. They are expected to remain high as the summer driving season approaches. The rise in the cost of living has been hitting new highs for months. These costs tend not to fall quickly barring a recession. Rising prices are outstripping the fastest wage gains in four decades and surveys show inflation is the public’s biggest worry. Stocks rose after the CPI report and bond yields fell. The Fed is in a tough spot, though. The average cost of a gallon of regular gas in the U.S. rose to as high as $4.32 in March from $3.61 in the prior month and $2.87 a year earlier.

The rise in inflation in March is far more than expected, with a Reuters poll showing economists saw inflation increasing to 6.35 percent.

"With the MPC having signaled an imminent stance change, the rate hike cycle may begin as early as June 2022, if the next CPI inflation print doesn't significantly cool off from the March 2022 level," said Aditi Nayar, ICRA's chief economist." If the increase in the price of certain food items was larger than anticipated, fuel prices rose as expected. The Consumer Price Index (CPI) inflation print for March is well above the consensus estimate. This suggests the strengthening of price pressures. Mar 2022 inflation The RBI's latest forecast pegs average CPI inflation at 6.3 percent in April-June and 5.8 percent in July-September.The sharp increase in CPI inflation in March was driven by an increase in prices across all but one of the major groups of the basket, with only the index of the housing component of the CPI declining on a month-on-month basis.

U.S. monthly consumer prices increased by the most in 16-1/2 years in March as Russia's war against Ukraine boosted the cost of gasoline to record highs, ...

This is not good news, but yields are coming off their high indicative of another bloodbath in the debt market.” “This is a very positive report for stocks and particularly for tech stocks, the long duration equities which have been left for dead as the 10-year yield spiked. When we get this month's reading and you know subsequent readings they should be lower levels than 8.5%." “You're seeing futures are up because everyone came into this report expecting that inflation would be a lot higher than anticipated. And so, ultimately the forces that are justifying robust tightening by the Fed remain very much in place.” I think the focus here will be that expectations for the core measure, albeit very high expectations, were underwhelmed.”

Inflation hit another 40-year high of 8.5% in March but some economists the rise in the CPI has peaked. Others disagree.

The latter could further push up costs for airfares and hotels, which rose 10.7% and 3.3%, respectively, in March. They declined for the second straight month in March, slipping nearly 4%, but are still up 35.3% over the past year. And while prices will continue to move higher month to month, the increases should be less dramatic. But it would at least feel as if the country were on the downhill side of a forbidding mountain. What happens to gasoline prices could be key. Oil and gas prices, though, have fallen in recent weeks.

Consumer Price Index inflation stood at 6.95% in March 2022 compared to 6.07% in the preceding month, according to data released by the Ministry of Statistics ...

Inflation in clothing and footwear rose 0.88% on a sequential basis, while prices of household goods and services are up 0.6% since February. Retail inflation rose to the highest since October 2020, led by a rise in prices of food items. Retail inflation rose to the highest since October 2020, led by a rise in prices of food items. "Against this backdrop, we expect retail inflation to be close to the upper band of RBI’s target range in the coming months." With the MPC having signaled an imminent stance change, the rate hike cycle may begin as early as June 2022, if the next CPI inflation print doesn't significantly cool off from the March 2022 level, Nayar said. Rajani Sinha, chief economist at Care Edge, said that the supply disruptions and shipping delays due to the ongoing Russia-Ukraine geopolitical rift have sent food, edible oils, fertilisers and crude oil prices to all-time highs in the international markets. Most other components printed broadly in line with forecasts, suggesting that a gradual pass through of the commodity price pressures has commenced, she added. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. On a sequential basis, inflation in food and beverages rose by 1.3% in March, led by a spike in prices of oils, along with meat and fish. Inflation in food and beverages rose 7.47% in March 2022 compared to 5.93% in February. Quint is a multiplatform, Indian business and financial news company. Consumer Price Index inflation stood at 6.95% in March 2022 compared to 6.07% in the preceding month, according to data released by the Ministry of Statistics and Programme Implementation on Tuesday. Month-on-month, it rose 0.96% in March.