The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982. Excluding volatile prices for food and energy,...
“People tend to notice prices at the grocery store more even though the increases aren’t as big as on other things,” said BLS regional economist Julie Percival.Businesses have been raising pay to attract and keep employees — a trend that is benefiting workers but also giving employers cause to raise prices to offset their higher labor costs. That cycle is helping fuel inflation.
Michael Feroli of JPMorgan is among economists who now think the Fed will raise its key rate by an aggressive half-point in both May and June. The central bank hasn’t raised its benchmark rate by a half-point in two decades, a sign of how concerned it has become about the persistent surge in inflation.
Michael Pearce, an economist at Capital Economics, estimated that the gas price spike will cost Americans an annualized $100 billion in March.
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