Yet another key measurement of inflation has hit a new 40-year high, according to Commerce Department data released on Friday.
The Personal Consumption Expenditure (PCE) index rose by 6.6% for the year ending in March, according to the Bureau of Economic Analysis. The rate is the highest since the year ending in January 1982, a record which was last broken in February.
In March 2022 alone, prices rose by 0.9%. After adjusting for the increase in prices, disposable personal income (DPI) decreased 0.4 percent in March.
According to the CPI report, inflation rose 1.2% in March 2022 alone, outpacing economists’ expectations and far exceeding the 0.8% increase in February 2022. For the year ending in March 2022, inflation hit 8.5% – higher than the already elevated Dow Jones estimate of 8.4%, according to CNBC.
As explained by CNBC, “The data reflected price rises not seen in the U.S. since the stagflation days of the late 1970s and early ’80s. March’s headline reading in fact was the highest since December 1981.”
CNBC also pointed out that the record high inflation rate has resulted in the real wages of Americans continuing to decrease.
“Due to the surge in inflation, worker wages, despite rising 5.6% from a year ago, weren’t keeping pace with the cost of living,” CNBC reported. “Real average hourly earnings posted a seasonally adjusted 0.8% decline for the month, according to a separate Bureau of Labor Statistics report.”
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