Feeling the squeeze: March inflation report shows eye-popping 8.5% increase over last year
NEW ROCHELLE, N.Y. -- The Department of Labor announced Tuesday that the March inflation report shows an eye-popping 8.5% increase over last year, the fastest annual pace since 1981.
The days of just grabbing whatever looks good at the grocery store are over for Jerome Carlton of New Rochelle. He now shops with an inflation strategy in mind.
"My strategy is just to look for sales because that's the only relief you're gonna get," he told CBS2's Tony Aiello.
The owner of New Rochelle Farms says the cost of a popular soda is just one example -- up 25% since late 2020.
"That's $8.69 compared to $6.99 in about a year and a half. It's a very steep increase," said Jose Filipe, of New Rochelle Farms.
Another example -- frozen potato products have jumped 15% in a year. It all contributes to the overall 8.5% inflation rate.
It's been more than 40 years since we've seen inflation like this, and it is very much weighing on the minds of Americans.
A CBS News YouGov poll shows 66% say higher prices have been difficult or a hardship. Just 8% say inflation has had no effect on their families.
Significant majorities say higher prices have them cutting back on entertainment, travel, driving and groceries.
One silver lining -- some experts believe inflation may be at a peak. The March number was inflated by gas prices that have since eased.
AAA says a gallon of regular in New York averages $4.23 today versus $4.45 a month ago.
"It's very important to try to get fuel down. Most of the companies, that's the first thing on their list as reasons why pricing is going up so much," Filipe said.
Consumers are in a jam, spending more bread at the checkout line.
Tuesday, President Biden took a step that could lower the cost of gas by 10 cents a gallon. He suspended an environmental rule that limits the sale of high ethanol fuel during the summer months.
