The U.S. headline inflation rose to 8.5% in March, beating expectations of a 8.4% rise by economists and a record of 7.9% in February. It was still the highest rate in 40 years.
A surge in gasoline prices was a major contributor to this spike in March, accounting for 0.7% of 1.2% monthly gain.
Core CPI, which excluded food and energy, came in at 6.5%, compared to 6.6% expected, according to Labor Department data released Tuesday.
Meanwhile, used car and truck prices, which used to be a major contributor to the U.S. CPI inflation, were reported at 3.8%, a largest monthly decline since 1969.
