The U.S. inflation rate hit a new 40-year high in the year to March after fuel prices soared during the first full month of the Ukraine war.

Consumer prices surged by 8.5 percent – the largest annual gain since December 1981 – following a double-digit rise in energy prices.

According to the U.S. Labor Department, energy prices rose by 32 percent.

It also said food prices had surged over the same period, up by 8.8 percent.

Like energy, food price inflation has been exacerbated by Russia’s invasion of Ukraine. 

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Readers Bureau, Contributor

Edited by Jesus Chan

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