U.S. annual inflation surges to highest level since August 2018, led by gasoline and food

Well, inflation is here.

According to the Bureau of Labor Statistics (BLS), the annual inflation rate climbed to 2.6 percent in March, up from 1.7 percent in February. The market had a forecast growth of 2.5%.

This represents the highest inflation reading since August 2018.

Aside from apparel, consumer prices rose across the board. Gasoline advanced 22.5 percent, while all six food categories – meat, poultry, fish, and eggs – spiked 5.4 percent. Overall, shelter, utility, and motor vehicle prices surged last month.

Even when volatile food and energy are stripped from the data, the year-over-year core inflation rate rose at a higher-than-expected 1.6% percent.

Inflation is only going to get worse from here.

That is what happens when the Federal Reserve prints approximately one-quarter of all dollars ever created in a year. Or when the federal government spends trillions of dollars in a one-year span.