inflation

Inflation in March was the highest since December of 1981, with prices up 8.5% from a year ago. Rising prices are especially hard on low-income people, who spend more of their money on necessities.

The central bank raises its benchmark rate by a quarter percentage point in an effort to tamp down inflation. Additional rate hikes are likely in the months to come.

Annual inflation climbed to a new four-decade high in February, with consumer prices up 7.9% from a year ago. The increase does not reflect most of the recent jump in gasoline prices.

The annual survey finds Americans more on edge than ever, triggered by financial issues, the war overseas and the cumulative pressure of living through the pandemic.

With each passing day the disruption of oil markets related to Russia's invasion of Ukraine pushes up gas prices in the U.S. to a new record.