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New wallet busting CPI inflation number hits 8.5%

Financial Markets Wall Street
The Wall St. street sign is framed by the American flags flying outside the New York Stock exchange, Friday, Jan. 14, 2022, in the Financial District. Stocks fell broadly in morning trading on Wall Street Tuesday as investors review the latest batch of corporate earnings and continue monitoring rising inflation and the virus pandemic. (AP Photo/Mary Altaffer)

Inflation is soaring higher than economists expected, something the White House had said it was bracing for.

The Consumer Price Index numbers out today show the consumer price index jumped to 8.5% last month mostly due to spiking energy and food prices.

Analysts had forecast an 8.3% rise over the past 12 months.

March’s sky-high rate is the highest in 40 years, following a 7.9% bump in February.

The White House blames the wallet busting CPI inflation number on “Putin’s price hikes.”

Other economists blame Biden for flooding the U.S. economy with cash causing grocery bills to spike.

Through-the-roof energy and food costs are really starting to add up for the average American and experts say it is only going to get worse, leading to a possible recession.

However, the stock market is reacting favorably to the numbers which suggest inflation may be peaking.