Prices climbed 8.5% in March compared to last year amid growing fears of economic slowdown

Inflation has proven to be one of the most blistering features of the covid economy, testing the White House and Federal Reserve.

The inflation surge in the United States picked up speed in March, as prices rose 8.5 percent compared with a year ago. It was the largest annual increase since December 1981, with energy prices spiking because of Russia’s war in Ukraine.

The White House and Federal Reserve have launched several initiatives to try and corral the rising prices, but higher costs appear to be everywhere, particularly in consumer staples that most families cannot do without. Gasoline, food, and a range of other products have become markedly more expensive, creating economic strains for households and businesses, and political problems for the White House and congressional Democrats.

Rachel Siegel | The Washington Post

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