Report: Inflation rises to highest level since 1981

The U.S. Labor Department reported last week that the consumer price index rose 8.5% in March from over a year ago, which is the highest number recorded since Dec. 1981, according to analysis from 1819News.

Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005. A new poll shows that many Americans have had to cut back on their grocery spending to combat the rise in prices.

Wages are rising but not fast enough to keep pace with inflation. Real average hourly earnings decreased 0.8% in March from the previous month, as the 1.2% inflation increase eroded the 0.4% total wage gain, according to the Labor Department. On an annual basis, real earnings fell 2.7% in March.

Read more at 1819News.com.