US inflation hits 40-year high of 8.5% amid Russia's war on Ukraine

Inflation in the US over the past year grew 8.5%, a 40-year high, with surging gas and rent prices due to Russia’s war on Ukraine.

The Labor Department on Tuesday released consumer price index data showing the biggest year-over-year jump since December 1981.

In addition, the report showed that inflation climbed 1.2% from February to March, after increasing 0.8% from January to February.

Gas prices hiked up 48% year-over-year in March, according to the bureau, and are up 18.3% since February. Prices at the pump have started trending downward, but that was not reflected in last month’s report.

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