Consumer price inflation hit 40-year high in March

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.

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