(Reuters) – U.S. consumers footed notably higher prices in March with headline inflation accelerating by the fastest in more than eight years, Labor Department data out Tuesday showed.

FILE PHOTO: People shop, during the coronavirus disease (COVID-19) pandemic, on 5th Avenue in New York, U.S., February 17, 2021. REUTERS/Brendan McDermid/File Photo

While prices for some items like gasoline have been grinding higher for months, costs for some others are showing some of the first signs of returning consumer demand in sectors like travel, leisure and entertainment.

GASOLINE

After plunging last spring when the economy shut down in the early attempts to contain the coronavirus pandemic, gas prices have been steadily rebounding.

Last month they rose 9.1%, the third-largest monthly increase since 2009, largely as a result of the surprise winter storms in Texas in February that shut down petroleum refining capacity. But the month also registered…

Read more…

Share.

Comments are closed.