The "transitory" inflation, as it has been called by the Federal Reserve officials, may stay around longer than expected, even with the Fed working to lower inflation through monetary policy.
In March, the Fed raised the target range from 0.25% to 0.5%, the first-rate increase since the end of 2018. Economists are anticipating up to eight rate increases this year, for an end goal of 1.9%.
The U.S. Department of Labor reported that in March, consumer prices increased by 8.5%, the most significant 12-month advance since December 1981.
While the April CPI inflation report is expected on May 11, we can look back on March CPI to see how supply chain issues, increased demand, COVID-19 concerns, and the "Putin Price Hike" have affected certain regions and the prices of everyday products.
Percentages are shown as increases in cost over March 2021.
Goods, Products, and Services:
Gasoline (all types): 48%
Used cars and trucks: 35.3%
Lodging away from home: 25.1%
Airline fares: 23.6%
Car and truck rental: 23.4%
Bacon, breakfast sausage, and related products: 18.2%
Living room, kitchen, and dining room furniture: 16.8%
Men's suits, sports coats, and outerwear: 14.5%
Milk: 13.3%
Infants' and toddlers' apparel: 13%
Regions, Cities:
Tampa-St. Petersburg-Clearwater, FL: 10.2%
Riverside-San Bernardino-Ontario, CA: 10%
Denver-Aurora-Lakewood, CO: 9.1%
Dallas-Fort Worth-Arlington, TX: 9%
Los Angeles-Long Beach-Anaheim, CA: 8.5%
Minneapolis-St. Paul-Bloomington, MN-WI: 8.2%
San Diego-Carlsbad, CA: 7.9%
Chicago-Naperville-Elgin, IL: 7.8%
Boston-Cambridge-Newton, MA-NH: 7.3%
Washington-Arlington-Alexandria, DC-VA-MD-WV: 7.3%