Inflation for the year ending March 31 was up 8.5 percent, a bit more than projected. What’s worse is that month-over-month inflation was up 1.2 percent. If that trend continues, we’ll be seeing inflation near 15 percent by year-end.
Gas prices surged 18.3 percent for the month and 48 percent for the year, which in turn drove airline fares up 10.7 percent for the month and 24 percent over the year. The rising cost of fuel, however, does not explain why the average cost of a hotel room is up 29 percent in the past 12 months.
The Labor Department also reported that food prices increased 8.5 percent. In my experience, food prices increased at least twice that rate.
Published 4/12/2022. Read the full article.