Consumer prices increased 8.5% in the 12 months ending in March, a number that is sure to fuel consumer anxiety and erode support for President Joe Biden's agenda.
The inflation rate is now higher than at any time since December 1981, when the United States was still suffering the Great Inflation that helped bring President Ronald Reagan to office, according to the data released by the Bureau of Labor Statistics on Tuesday.
Inflation has increased greatly over the last several months and has eaten into Biden’s approval ratings. Consumer prices have increased progressively every month since last August, making staples like food costlier for consumers.