The US inflation rate hit a fresh 40-year high in the year to March after fuel prices soared during the first full month of the Ukraine war.
Consumer prices surged by 8.5% – the largest annual gain since December 1981 – following a double-digit rise in energy prices.
Last month, President Joe Biden banned all imports of oil and gas from Russia following the invasion of Ukraine.
At the same time, US fuel prices reached new records.
The attack on Ukraine began on 24 February and triggered a wave of international sanctions against Russia, which is the world’s second largest oil exporter.
US energy prices rose by 32% in the year to March, according to the country’s Labour Department.
It also said that food prices had surged over the same period, up by 8.8%. Like energy, food price inflation has been exacerbated by Russia’s invasion of Ukraine. Both countries are big exporters of widely-used goods such as wheat and sunflower oil.
Source@BBC
