Inflation Surges Again, , Hits New 40-Year High.<br />On April 12, the Labor Department <br />revealed that the consumer price <br />index rose 8.5% in March <br />compared to a year ago.<br />On April 12, the Labor Department <br />revealed that the consumer price <br />index rose 8.5% in March <br />compared to a year ago.<br />Fox News reports that <br />is a new 40-year high.<br />Core prices, which don't include food and <br />energy costs, rose 6.5% in March.<br />Fox News reports that was also the steepest yearly increase since 1982.<br />Inflation is also having an impact on wages.<br />According to the Labor Department, average hourly earnings dropped 2.7% on an annual basis in March.<br />President Biden's approval rating has taken <br />a hit as prices rise for consumers.<br />While his administration blames supply-chain problems and the pandemic, Republicans have cited the president's energy policies and spending agenda.<br />Fox News reports that the main goal for the Federal Reserve at this point is to stabilize the economy without triggering a recession.<br />Chairman Jerome Powell thinks <br />that can be achieved.<br />The probability of a recession in the next year is not particularly elevated. All signs are that this is a strong economy and one that will be able to flourish in the face of less accommodative monetary policy. , Jerome Powell, Federal Reserve Chairman, via statement, <br />as reported by Fox News
