US consumer prices rose the most in eight and a half years in March, with demand boosted by the Covid-19 vaccination campaign and economic stimulus measures launched by the Biden administration, with economists anticipating a short run. of higher inflation, Reuters reports, News.ro reports.
Data released by the Labor Department on Tuesday also showed an increase in producer prices, as the reopening of the economy was hit by bottlenecks in supply chains, constraints on production capacity and higher commodity prices.
Federal Reserve Chairman Jerome Powell and many economists believe higher inflation will be temporary, with supply chains adjusting and becoming more efficient. Supply constraints reflect a shift in demand for goods and less for services during its second-year pandemic.
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The consumer price index rose 0.6% last month, the biggest advance since August 2021, after rising 0.4% in February.
A 9.1% increase in gasoline prices accounted for almost half of the increase in the consumer price index. In February, gasoline prices rose 6.4%.
Food prices rose 0.1% in March. The prices of food consumed outside the home also increased by 0.1%.
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