Inflation Spikes to 8.5%

Inflation soared to 8.5% last month in the United States, the biggest spike since December 1981, CNBC reports.

Neil Irwin: “Services excluding energy services up 0.6%, and has accelerated each of the last three months. Even if durable goods and energy prices stabilize, that suggests real broadening of underlying inflation.”

Ben Casselman: “Soaring gas prices were a big part of the story in March, but even excluding food and energy, prices were up 6.5% from a year earlier.”