EXPLAINER: Why US inflation is so high, and when it may ease

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — Another month, another four-decade high for inflation. For the 12 months that ended in March, consumer prices rocketed 8.5%. That was the fastest year-over-year jump since 1981, far surpassing February’s mark of 7.9%, itself a 40-year high. Even if you toss out food and energy prices — which are notoriously volatile and have driven much of the price spike — so-called core inflation jumped 6.5% in the past 12 months. That was also the sharpest such jump in four decades. Consumers have felt the squeeze in everyday routines. Gasoline is up an average of 48% in the past year. Airline tickets are up 24%, men’s suits nearly 15%, bacon 18%.