The U.S. inflation rate once again hit a 40-year high in March at 8.5% as energy and food prices surged, but what's next?
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the Prospect Lefferts Garden neighborhood of Brooklyn borough in New York City.The Labor Department reported that consumer inflation rose 7.9% over the past year, the largest rise since 1982, raising the prices of gas and consumer goods. Grocery costs rose to 8.6%, the biggest year-over-year increase since 1981, and gas prices increased 38% all within a 12 month period ending in February. hit a 40-year high in March at 8.5% as energy and food prices surged.
Though many are discussing whether this is the peak level of inflation, the bigger question for markets is where inflation will settle over the next few years. That will have implications for both stock and bond pricing, and of course the Fed’s path for interest rates. Certain cost increases may have been one-off spikes, and though they may not necessarily reverse, will not push up inflation further if prices continue to level off or even fall back. We may be seeing this trend in used cars and trucks, which are up over 30% year-on-year, but now prices are starting to decline from potentially peak levels.
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