A key inflation gauge jumped 6.6% in March, most since 1982

Digital displays are illuminated to mark the prices for the various grades of gasoline available from a pump at a Circle K station Friday, April 22, 2022, in south Denver. (AP Photo/David Zalubowski)

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the health of the economy. Yet there are signs that inflation might be slowing from its galloping pace and perhaps nearing a peak, at least for now. Excluding the especially volatile food and energy categories, so-called core prices rose 5.2% in March from a year earlier. That was slightly below the 5.3% year-over-year increase in February, and it was the first time that 12-month figure has declined since February 2021, before the inflation spike began.