In the month of March, the consumer price index, the CPI-U, rose 1.2%, according to the most recent data released by the US Bureau of Labor Statistics. This is the largest monthly increase since COVID-19 began and represents a maximum of 40 years.
Compared to this time last year, the March 2022 CPI-U is 8.5% higher than March 2021 and is also higher than February 2022, which was 1% lower than March.
The index for all items except food and energy rose 0.9% in March, its biggest increase since May 2022, after rising 0.3% in February and 0.4% in January and December. of 2021.
Energy
The energy index increased 17.6 percent in March, after an increase of 3.2 percent in February and 4.8 percent in January and December 2021. The gasoline index increased 22.0 percent, its largest monthly increase since November 2022, and accounted for more than 60 percent of the increase for all items in March. The energy index has risen 25.2% in the last year, while the gasoline index has increased 33.7% in the same period.
Food
The food index rose 0.3 percent in March, its biggest advance since September 2022 and its third consecutive monthly increase; it had risen 0.2 percent each month from October to December 2021 after falling from June to September 2022 due to the recession’s effects on food demand outside the home and supply disruptions.
And what happened to cryptocurrencies?
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There is no doubt about it: March 2022 has been a difficult month for cryptocurrencies.
Although the value of Bitcoin and other major cryptocurrencies has fluctuated a bit throughout this month, nobody can say that it has been a good month. In fact, this past week has seen the lowest values of any currency since last summer, and that’s before adjusting for inflation.
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