WASHINGTON, D.C. (CNN) – Americans will still be forking out more money for many products as inflation hits a high not seen since the Reagan administration.
The Consumer Price Index increased 8.5% for the year that ended last month, according to the latest data from the Bureau of Labor Statistics.
That outpaces the elevated reading of 7.9% percent reported in February, and it’s a peak not reached since December of 1981.
Despite that there is a bit of good news for consumers according to AAA, the nationwide average for a gallon of regular gasoline Tuesday morning was just under $4.10.
That’s an $0.08 dip from last week and a $0.23 decrease from last month.