Fueling inflation: rising gasoline prices were one of the largest contributors to inflation, the federal government said. | Pixabay/Paul Brennan
Fueling inflation: rising gasoline prices were one of the largest contributors to inflation, the federal government said. | Pixabay/Paul Brennan
The U.S. Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for the 12 months ending in March 2022. The data showed an 8.5% increase, the largest year-over-year increase since 1981.
According to the BLS, real average hourly earnings decreased 0.8% from February to March, and dropped 2.7%, seasonally adjusted, from March 2021 to March 2022.
With a 2.7% real wage drop for March 2022, the median household income in the state of Nevada has seen a $1,630 year-over-year loss, bringing the current average household income to $60,365 a year, World Population Review reported.
"Imagine being a young family right now, rent for a two-bedroom home went up 22% in the last year," U.S. Sen. Roger Marshal (R-KS) tweeted. "Imagine being retired, with 8.5% inflation, your purchasing power has been significantly diminished."
According to the BLS, increases in the gasoline, shelter and food indexes were the largest contributors to the seasonally adjusted all-items increase. In March, the gasoline index rose 18.3% and accounted for over half of the all-items monthly increase.
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