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By Hiranmayi Srinivasan, Associate Editor

What's Happening Today

Good morning! It's Hira with your daily morning digest.

Prices of goods and services in the U.S. keep on rising at multi-decade highs, as the latest data from the Bureau of Labor Statistics (BLS) showed. This morning's report on the Consumer Price Index (CPI), which tracks changes in the prices of goods and services purchased by consumers like you and me, showed prices jumped 1.2% in March, and 8.5% from a year ago—the biggest annual jump since December 1981. Gas prices, along with food and housing costs, contributed heavily to the increase. The core inflation rate, which excludes food and energy prices, also surged 6.5% from a year ago, hitting a fresh 40-year high.

The price of gasoline was one of the main factors behind the rise, as Russia's invasion of Ukraine and related sanctions have pushed oil and gas prices higher on supply concerns. You likely paid the price at the gas station last month, when U.S. gas prices skyrocketed to a national average of $4.33 per gallon. But as of last week, gas prices have eased a little, thanks to the U.S. releasing oil from its strategic reserves.

Some economists say CPI inflation may have hit its peak in March, but they still warn that it could be some time before relief starts to hit your wallet—inflation is expected to remain well above the Federal Reserve's annual target rate of 2% through next year.

- Hira

Editors' Picks

Inflation Accelerates to 8.5%—But Is It the Peak? (The Balance)

Risk of Global Recession by End of Year Rises on High Inflation (Bloomberg)

Biden Aims To Lessen the Sting of Overdue Medical Debt (The Balance)

US Small Business Sentiment Ebbs as Inflation Worries Mount, NFIB Reports (Reuters)

Inflation Dictionary: Your Guide to the Jargon (The Balance)

Contractor vs. Subcontractor: What's the Difference? (The Balance)

Is a Roth IRA a Pre-Tax Investment? (The Balance)

The ABCs of Money for Kids: F Through J (The Balance)

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Off the Charts

Mortgage rates continued an extremely volatile week, surging again. The average for both 30-year and 15-year mortgages hasn't been higher since at least 2019.

Number of the Day

31.5% - That's how many more homebuyers locked in mortgage rates in March than in February, a sign of how quickly those rates are rising, new data shows.

For The Balance's second Financial Literacy Month IG live series, we're discussing the topic of building (generational) wealth. Join our Editor-in-Chief, Kristin Myers with featured guest Kara Stevens, finance coach, speaker and author. The event is on Tuesday, April 19 at 12 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!

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