US inflation rises more than expected in March
The US Labor Department has today revealed consumer prices climbed to 2.7% in March from 2.3% in February.
The rise, which was more than expected, was attributed to higher food and petrol prices.
Meanwhile, on a monthly basis, consumer prices rose by 0.5% in March.
Inflation is rising in many economies throughout the world, particularly in Asia. Today figures revealed India’s inflation rate surged to 8.9% last month from 8.3% in February.
India’s inflation rate is the highest among the Group of 20 leading nations, due to soaring food costs.
Also today it was revealed that Chinese inflation rose to a 32-month high of 5.4% in March on an annual basis from February’s level of 4.9%.
However, fuel and food prices have risen sharply across the US. Petrol prices were up for the ninth consecutive month in a row, due to rising oil prices.
Food prices rose by 0.8% in February – the largest monthly increase since July 2008.