Inflation: Prices Rose 8.5% In March Compared To 2021

Prices rose 8.5% in March compared to a year ago, the largest one-year increase since 1981, according to data released by the Bureau of Labor Statistics. Economists believed inflation would ease in 2022 as supply chain issues cleared up and federal COVID stimulus efforts ended. But Russia’s invasion of Ukraine in February has pushed energy prices even higher amid uncertainty.

Prices rose 8.5 percent in March compared with a year ago, the largest annual increase in four decades, as Russia’s war in Ukraine drove up energy prices even higher and policymakers launched a major effort to get soaring inflation under control.https://t.co/4mHWpf6d3M

— The Washington Post (@washingtonpost) April 12, 2022

From the Washington Post:

The White House and Federal Reserve have launched several initiatives to try and corral inflation, but the spike in prices on gasoline, food, and a range of other products continues to weigh on millions of Americans.

The inflation data, released Tuesday by the Bureau of Labor Statistics, showed prices rose 1.2 percent in March compared with February. Price increases for gas, shelter and food were the largest contributors to inflation, underscoring how inescapable these costs have become.

The White House has tried to address the situation by releasing oil from the Strategic Petroleum Reserve. The Biden administration on Tuesday announced that the Environmental Protection Agency was going to allow a type of blended gasoline to be sold in the summer in order to create more supply.

Related: U.S. Economy Added 431K Jobs In March, Unemployment Drops To 3.6%

Many are blaming the Biden administration for prices rising 8.5%, but numerous corporations are still reporting major increases in profits .

Meat prices increased by double digits.

Tyson’s CEO says they’re asking customers to “pay for inflation.” Meanwhile, Tyson’s posted $1 billion in profits last quarter — a 48% increase from the first quarter of 2021. Don’t be fooled. This is about corporate greed. It always is. — Robert Reich (@RBReich) April 12, 2022

Giant corporations are using inflation as cover to raise their prices & boost their profits. In industry after industry, we have too little competition & companies have too much power to increase prices. I’ve been calling out this corporate profiteering & price gouging. Thread:

— Elizabeth Warren (@SenWarren) April 12, 2022

Yes, inflation hit 8.5% in March. It is also true that Big Oil has been posting all time high earnings. Corporations aren’t simply passing through increased transportation and materials costs. They are profiteering on the inflation meme. You pay more so they can make more.

— Blue Cheese 🧀 (@OptimistsPrime) April 12, 2022