Inflation has hit a 40-year-high. That’s according to data reported by the Bureau of Labor Statistics today.
New data shows inflation climbed to 8.5% in March. Costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.
The labor department says the 12-month jump in inflation is the biggest year-over-year increase since December 1981.