In March, inflation rose again, straining Americans' wallets. The BLS stated that 12-month price increase rose from 3.2% in February to 3.5% in March, confirming economists' predictions.
Without food and energy, which have more variable costs, the core 12-month figure was 3.8% in March. Customer examines grocery store deli meat. Grocery prices rose 1.2% year-over-year, providing comfort.
The biggest 12-month price increases were for auto insurance (22.2%), domestic services like home cleaning (10.9%), infant food and formula (9.9%), and outpatient hospital treatments (8.3%).
Grocery prices rose 1.2% year-over-year, providing comfort. New and used car costs dropped. However, Bankrate chief financial analyst Greg McBride summarized the issue in an email after Wednesday's announcement.
Trump Media loses billions in market valuation after 20% drop. He responded, “There is no improvement here, we’re moving in the wrong direction.”
The U.S. economy appears strong. This is the longest streak of unemployment below 4% since the 1960s. Stocks are reaching record highs. The economy keeps adding jobs.
However, since the pandemic began, Americans have seen average prices rise more than 20%, giving the impression that many products and services, including housing, have become unaffordable.
Unfortunately, broad pricing categories frequently invert after a significant economic catastrophe. Instead, buyers can only hope prices slow down.
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