U.S. consumer prices jumped 8.5% in March compared to a year ago, the biggest annual surge in more than 40 years, the government reported Tuesday.
Price increases hit American consumers in key segments of the world’s biggest economy, with gasoline costs spiraling for motorists, housing prices jumping and the cost of food up at grocery stores, according to the report by the Labor Department’s Bureau of Labor Statistics.
The higher living costs for essential products are hitting consumers where they most feel it — in their wallets — and offsetting or surpassing workers’ bigger paychecks from wage increases.
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