Inflation surged in March as Iran war drove up energy costs
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
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Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
Economists had expected CPI to rise at an annual rate of 3% last month.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
A 2.7% COLA increase would raise the average monthly Social Security payment by about $54.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Beef costs around the U.S. surged to a record high in May. What's driving that jump, and are prices likely to ease up?
The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics.
Expired sales labels led to overcharges on more than 150 grocery items, according to an investigation led by Consumer Reports and others.
Weakening consumer confidence and mounting uncertainty could hit spending, economists warn.
The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.
Inflation cooled in March, but economists expect prices to reaccelerate as some of President Trump's tariffs kick in.
Americans express concern about their ability to pay bills and save money.
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
Americans have struggled with high grocery costs since inflation soared during the pandemic. Now prices are falling.
The monthly report is viewed as key factor in whether the Federal Reserve cuts its benchmark interest rate in September.
Americans can expect ebbing inflation and a strong job market this year, according to the National Association for Business Economics.
For the first time in the U.S., credit card debt has surpassed $1 trillion.
In some areas inflation has fallen below 2%, while in other regions prices are still spiraling upward. Why?
Egg costs are soaring as Americans' eating habits change and as a deadly disease wipes out millions of birds.
While preparations for the 2026 Detroit Grand Prix continue over the next few weeks, one project is already complete: the artwork.
More than 300 PGA professionals from all over the country were hoping to earn a spot in this year's PGA Championship.
Tigers manager A.J. Hinch also received a one-game suspension and an undisclosed fine.
A Detroit man accused of leading a years-old student aid fraud scheme and embezzeling $16 million pleaded guilty to wire fraud and aggravated identity theft, according to the U.S. Attorney's Office.
A Wayne County woman could spend up to 20 years in prison for embezzling more than $2 million from her employer.
The Motor City was awarded an expansion team for the 2026-27 season.
While the most recent cold front is moving out, it is leaving behind a chill that could be dangerous for sensitive vegetation.
The crash happened just after 7 a.m. Wednesday at the intersection of Sheldon Road and Sheldon Center.
State officials say a Metro Detroit businesswoman "repeatedly lied to the Michigan Economic Development Corporation" about expenses related to a grant.
A man who was wanted for a murder investigation in Kalamazoo was captured after he hid in the attic of a home in Tennessee and fell through the ceiling.
Michigan's average diesel price on Sunday is $6 — the highest ever recorded by the American Automobile Association.
Ford Motor Company is recalling over 179,000 vehicles due to a front seat issue that can increase the risk of injury in a crash, the National Highway Traffic Safety Administration said.
A vote by UAW Local 2093 members will be on May 11. The UAW says that if approved, workers could walk out of the Three Rivers facility starting on May 31.
The organization says its executive committee will oversee operations and lead the search for the next leader, under the leadership of DADA president Katie Coleman and Auto Show chairman Lincoln Phillip.
General Motors has announced production investments at its sites in Romulus, Saginaw and Toledo.
With summer not far behind, the city of Detroit is preparing for the highly anticipated 2026 Ford Fireworks next month.
Motown may be Detroit's most famous sound, but it's far from the only one.
Gene Simmons visited Detroit Rock City to celebrate the grand opening of a restaurant co-founded by him and his Kiss bandmate Paul Stanley.
The moon music tradition started more than 50 years ago, NASA said as it shared the Artemis II crew's playlist this week.
Restaurants are being considered for the new Michelin Guide American Great Lakes Edition, set to be revealed in 2027.
Tigers manager A.J. Hinch also received a one-game suspension and an undisclosed fine.
A proposed $250 million settlement would compensate millions of consumers who bought the iPhone 16, iPhone 15 Pro or iPhone 15 Pro Max.
In a new lawsuit, two California residents allege that Cento Fine Foods doesn't use real San Marzano tomatoes in one of its products.
Gas prices are now 52% higher than prior to the Iran war, with drivers paying $1.56 more per gallon, data shows.
Ted Turner built a media empire that included cable channels CNN, TBS and TNT, and he owned the Atlanta Braves for 20 years.
Three passengers have been evacuated from a cruise ship hit by a hantavirus outbreak, as related cases are confirmed in Switzerland and South Africa.
The FDA announced its first authorization of fruit-flavored electronic cigarettes intended for adult smokers, a major policy shift after months of appeals to President Trump from the vaping industry.
The largest U.S. health insurer said it will eliminate approval requirements for some treatments, including select outpatient surgeries and other procedures.
Fire department leaders say the rescue reflects the kind of instinctive courage firefighters train for, but also something that goes beyond routine duty.
Parents say the incident highlights the importance of education and communication at home, especially when it comes to THC‑infused products.
More than 300 PGA professionals from all over the country were hoping to earn a spot in this year's PGA Championship.
Tigers manager A.J. Hinch also received a one-game suspension and an undisclosed fine.
The Motor City was awarded a women's hockey expansion team for the 2026-27 PWHL season.
Cade Cunningham scored 23 points, Tobias Harris had 20 and the Detroit Pistons beat the Cleveland Cavaliers 111-101 on Tuesday night in Game 1 of their second-round series.
Ceddanne Rafaela homered and drove in four runs, and the Boston Red Sox beat the Detroit Tigers for the second straight night with a 10-3 victory on Tuesday night.
Life Directions has been helping guide and mentor young people in Detroit.
Robert Costa, the award-winning national correspondent for CBS Sunday Morning and chief Washington analyst for CBS News, talks about Michigan's role in this critical midterm election.
Diallo Smith, CEO of Detroit nonprofit Life Remodeled, talks about its new opportunity hub on the east side of Detroit called Anchor Detroit.
It's a look at the critical relationship between Canada, Michigan and the U.S. on this week's Michigan Matters.
The roundtable discusses the dramatic impact AI is having in the classroom, at companies and inside homes.
Frost is likely tonight in most of our area, with one warmer day on the way this weekend.
While preparations for the 2026 Detroit Grand Prix continue over the next few weeks, one project is already complete: the artwork. Seven murals designed by students from the Boys and Girls Clubs of Greater Detroit were revealed on Wednesday.
Three passengers were medically evacuated from a Dutch cruise ship that was stranded for days after a deadly hantavirus outbreak.
A Farmington Hills businesswoman faces 16 felony charges related to the theft of funds and the fraudulent administration of a $20 million state grant, the Michigan Attorney General's office said.
This year's PGA Championship will be a special experience for PGA professional Ryan Lenahan.