Inflation Surges Again, Hits New 40-Year High

Inflation Surges Again, , Hits New 40-Year High.

On April 12, the Labor Department revealed that the consumer price index rose 8.5% in March compared to a year ago.

On April 12, the Labor Department revealed that the consumer price index rose 8.5% in March compared to a year ago.

Fox News reports that is a new 40-year high.

Core prices, which don't include food and energy costs, rose 6.5% in March.

Fox News reports that was also the steepest yearly increase since 1982.

Inflation is also having an impact on wages.

According to the Labor Department, average hourly earnings dropped 2.7% on an annual basis in March.

President Biden's approval rating has taken a hit as prices rise for consumers.

While his administration blames supply-chain problems and the pandemic, Republicans have cited the president's energy policies and spending agenda.

Fox News reports that the main goal for the Federal Reserve at this point is to stabilize the economy without triggering a recession.

Chairman Jerome Powell thinks that can be achieved.

The probability of a recession in the next year is not particularly elevated.

All signs are that this is a strong economy and one that will be able to flourish in the face of less accommodative monetary policy.

, Jerome Powell, Federal Reserve Chairman, via statement, as reported by Fox News