The rate of inflation touches 8.5% for March, which is the highest in 40 years, with an increase of 48% in gasoline price and 11.1% in electricity.

The U.S. Bureau of Labor Statistics released its latest Consumer Price Index for March, and it’s even worse than what economists were predicting. At a reported 8.5%, inflation is the highest it’s been since 1981.

“Price increases over last year (CPI report) Gasoline: +48.0% Used Cars: +35.3% Gas Utilities: +21.6% Meats/Fish/Eggs: +13.7% New Cars: +12.5% Electricity: +11.1% Food at home: +10% Apparel: +6.8% Shelter: +5.0% The actual inflation rate is much higher than 8.5%. #Bidenflation,” tweeted Real Mac Report.

The Bureau of Labor Statistics (BLS) today released the Consumer Price Index (CPI) data for the 12 months ending March 2022. The data showed an 8.5% all items annual increase, which is the largest increase in over 40 years since 1981.

According to the BLS, increases in the gasoline, shelter, and food indexes were the largest contributors to the seasonally adjusted all items increase. In March, the gasoline index rose 18.3% and accounted for over half of all items’ monthly increase; other energy component indexes also increased. The food index rose 1%, and the food at home index rose 1.5%. In the last 12 months, the index for food at home rose 10%, and energy rose 38%.

CNBC reports that the Consumer Price Index is a measure of inflation, which takes into account the cost of dozens of common consumer goods. “The December CPI report of a 7% increase over the last 12 months will be shocking for some investors as we haven’t seen a number that high,” said Brian Price, head of investment management at Commonwealth Financial Network.

The BLS also released data on prices for new and used vehicles. The year-over-year increase for new vehicles is reported as a 12.5% increase since March 2021. The price for used vehicles packs an even greater punch, with a reported 35.3% increase since this time last year.

The new CPI data is even worse than economists were predicting for March. On Tuesday, U.S. News reported the “estimates [were] that inflation rose at an annual rate of 8.4% last month, surpassing February’s 7.9% reading”, and yet it was 0.1% higher.

Arizona continues to see some of the highest gas prices in the country. According to the American Automobile Association (AAA), the average price of gasoline in Arizona is $4.60 per gallon, the same it was a month ago.

In a recent national poll distributed by the Senate Opportunity Fund (SOF), 6 in 10 Americans said they blame President Joe Biden for the ongoing inflation problem in the country. The SOF poll was conducted on March 15-17. It surveyed 800 likely general election voters on a national scale. they were asked: “Thinking about the job that President Biden has done with regard to inflation, how would you describe the job he has done on this issue?” 60% of voters said Biden has done a poor job, 35% said he has done a good job, and 5% of voters have no opinion on the matter.