Prices popped once again in March, with the latest consumer price index showing a 1.2 percent month-over-month increase and 8.5 percent increase from a year ago, which was the highest reading since 1981.
With war raging in Ukraine and COVID-19 shutdowns wracking large parts of Asia, the jump was expected, though economists were watching closely for signs of a peak.
One data point suggesting prices could be leveling off was the core inflation reading, which cuts out volatile food and energy prices. The measure was up 0.3 percent year-over-year, lower than the consensus estimate of half a percent. In addition, used car prices, which have skyrocketed over the pandemic, declined by 3.8 percent.
"The March report shows some moderation in core CPI, month over month," said Mace McCain, the president and CIO at Frost Investment Advisors, in a statement. "However, we expect continued price pressure due to the lockdowns in China as the supply chain struggles to normalize."
The gasoline index, meanwhile, was up 18.3 percent in March and 48 percent from a year ago, contributing half of the total increase for the month.
The report was the first to fully capture the impact of the war in Ukraine, which has sent commodity prices soaring and created jitters throughout financial markets globally.
"The Russia-Ukraine war has added further fuel to the blazing rate of inflation via higher energy, food, and commodity prices that are turbocharged by a worsening in supply chain problems," wrote Kathy Bostjancic, chief US financial economist for Oxford Economics. "This will lead to a higher near-term peak in inflation and a slow descent through 2022."
Shelter prices were up a half a percentage point, and food prices were up 1 percent for the month.
Elon Musk's company XaI has announced a new chatbot called Grok.
SAG-AFTRA said over the weekend that it received the studios' last best and final offer following a meeting on Saturday, with the union saying it's reviewing it and considering a response "within the context of the critical issues addressed in our proposals."
Stocks rose slightly as Wall Street looks to continue its momentum with earnings season winding down.
Tyson Foods is recalling about 30,000 of its dino-shaped chicken nuggets after some consumers reported finding small metal pieces in those nuggets.
Google on Monday will try to protect a lucrative piece of its internet empire at the same time it’s still entangled in the biggest U.S. antitrust trial in a quarter century.
Before the SAG-AFTRA strike, this was the weekend “Dune: Part Two” was supposed to open. When Warner Bros. and Legendary pushed that opening back to March 2024 and no other blockbuster stepped in to take its spot.
A growing number of Californians are planting agave to be harvested forz use in spirits. The trend is fueled by the need to find hardy crops that don’t need much water and a booming appetite for premium alcoholic beverages.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
