Between the stock market’s ups and downs, along with record inflation on nearly everything consumers are paying for, Americans are feeling a sense of uncertain times. At times like this, it may be difficult to know what exactly is the safest thing to do with your money.
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.
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From the State House to the White House, President Joe Biden unveiled a new plan to help ease the pain at the pumps. This comes after a new report from the Bureau of Labor Statistics shows inflation at its highest level in more than 40 years. Rent, food, gas and energy bills are the primary drivers.
The Labor Department said its consumer price index jumped 8.5% in March from 12 months earlier, the biggest year-over-year increase since December 1981.
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Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.
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