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Prices rose 8.5 percent in March compared with a year ago, the largest annual increase since December 1981, as Russia’s war in Ukraine sent energy prices soaring.
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 economy is now expected to grow at a slower pace later this year, in part because inflation causes families and businesses to weigh whether to scale back on purchases to protect their budgets.
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. .
Five charts explaining why inflation is at a 40-year…
