Inflation continues to soar, as rates reached a new high last month, according to the Bureau of Labor Statistics report on Tuesday.

The Consumer Price Index for 8.5% from March 2021, which surpassed economists’ forecasted 8.4% jump.

Last December, President Joe Biden said inflation was at its peak at 6.8%. Although inflation was already topping out at numbers that had not been seen in 40-years, the Russia-Ukraine conflict pushed the number upwards. Press Secretary Jen Psaki blamed the elevated inflation on what the White House calls, “Putin’s price hike.”

The Biden administration said supply-chain issues are another factor playing to rising inflation rates.


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Conservatives continue to blame Biden’s handling of the economy.

In March, gas prices rose 18 percent. That number is up 48 percent from a year ago. Food, shelter and airline ticket prices also increased.

“Fallout from Russia’s invasion was all over the ugly March CPI report,” said Mark Zandi, who is a chief economist at Moody’s Analytics. “Prior to Russia’s aggression, oil prices were headed lower and overall inflation was peaking as pandemic-scrambled supply chains were slowly, but steadily, sorting themselves out.”

“But now with oil and other commodity prices up, a lot, the acceleration in inflation has more to run,” the economist added. “China shutting down large parts of the country in an effort to contain COVID infections also threaten renewed supply-chain problems, more shortages, and higher prices.”

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