A man checks gas prices at a gas station in Buffalo Grove, Ill., Saturday, March 26, 2022.
Since Russia's further invasion of Ukraine began on February 24, increases in retail gasoline and diesel prices are mostly due to increasing crude oil prices. U.S. consumer prices likely increased by the most in 16.5 years in March as Russia's war against Ukraine boosted the cost of gasoline to record highs, resulting in annual inflation rising at its fastest pace since the early 1980s.
"Inflation is reaching a crescendo because of not only what's happening in Ukraine, but also what happened in the past, such as massive government stimulus and the Federal Reserve printing money," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "We should expect a half a point rate increase next month."
Russia and Ukraine are major exporters of commodities like wheat and sunflower oil. In addition to pushing up gasoline prices, the Russia-Ukraine war, now in its second month, has led to a global surge in food prices. A moderation in prices of used cars and trucks likely resulted in a tame monthly underlying inflation reading.
Lockdowns in China to contain a resurgence in COVID-19 infections are seen putting more strain on global supply chains, which could keep goods prices elevated. Separately, rising rents for housing are also expected to keep core inflation hot.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario’s top doctor to provide COVID-19 update for first time since early MarchTORONTO - Ontario’s top doctor is set to provide an update on COVID-19 in the province Monday for the first time since early March, as a report sugges...
Read more »
Loblaw, Frito-Lay resolve high-profile pricing dispute that pulled chips from shelvesA high-profile pricing dispute that saw one of Canada's largest food makers stop shipments of chips and snacks to the country's largest grocer has been resolved.
Read more »
Flower prices lower in U.S. markets with legal retail stores: studyReport finds that cannabis prices and purchasing behaviours are strongly influenced by legal status and the presence of stores - via TheGrowthOp Cannabis cannabisindustry CannabisCommunity cannabisculture
Read more »
Flower prices lower in U.S. markets with legal retail stores: studyReport finds that cannabis prices and purchasing behaviours are strongly influenced by legal status and the presence of stores - via TheGrowthOp Cannabis cannabisindustry CannabisCommunity cannabisculture
Read more »
Fraud fighters; why some are ditching their gas stoves: CBC's Marketplace cheat sheet | CBC NewsFor five years, Marketplace has been investigating scams, the scammers overseas and the alleged co-ordinators in Canada who funnel money abroad.
Read more »
Colby Cosh: Liberals slip potentially odious copyright extension into back of budgetAt least the U.S. there is debate about whether Mickey Mouse should enter public domain
Read more »