Inflation is running at the hottest pace in more than four decades, and consumer prices could march even higher before they begin to subside.
The Labor Department reported last week that the consumer price index, which measures a bevy of goods including gasoline, health care, groceries and rents, rose 8.5% in March from a year ago, the fastest pace since December 1981. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.
"Inflation likely peaked in March, with the biggest contributions coming from gasoline and food prices, which could stabilize in the next few months," said Robert Frick, a corporate economist at the Navy Federal Credit Union. "But high inflation will be with us at least through the summer because increases in other prices, especially shelter and services, will be sticky."
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