Inflation hits 8.5%, marking new 40-year high

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🚨 Inflation rises to 8.5%🚨

Consumer prices climbed further into the stratosphere in March and the only consolation is that this painful bout of skyrocketing costs may have peaked.

Inflation hit a fresh 40-year high as continuing surges in gasoline, food and rent costs more than offset moderating used car prices.

The consumer price index leaped 8.5% annually, the fastest pace since December 1981, the Labor Department said Tuesday. That’s up from 7.9% in February and inflation now has notched new 40-year highs for five straight months. Prices rose 1.2% from their February level, the sharpest monthly increase since September 2005.

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