The Labor Department reported Tuesday that consumer prices in the Mountain region – which includes Montana, Wyoming, Idaho, Nevada, Utah, Colorado, Arizona and New Mexico – surged by a stunning 10.4% in March.
Wheelhouse Chief Investment Officer Ann Berry and Advisor Group Chief Market Strategist Phil Blancato react to the PPI reaching a record high on 'Making Money.'The Labor Department reported on Tuesday that consumerin the Mountain region that includes Montana, Wyoming, Idaho, Nevada, Utah, Colorado, Arizona and New Mexico surged by a stunning 10.4% in March from the previous year. That is well above the national average of 8.5%, which is already the fastest pace since December 1981.
Other states are also experiencing inflation that's well above the national average. Prices were up 9.5% in a handful of states, including Texas, Oklahoma, Arkansas and Louisiana. Prices in the South Atlantic, meanwhile, shot up by 9.2%; that region encompasses Maryland, West Virginia, Virginia, North Carolina, South Carolina, Georgia and Florida.
By comparison, prices in the mid-Atlantic – New York, New Jersey and Pennsylvania – were far lower, climbing 7.2% in March from a year ago, slightly below the national average. The New England region also experienced inflation rates slightly below average, with prices rising 7.4% year-over-year in March.
Rising inflation is eating away at strong wage gains that American workers have seen in recent months. Real average hourly earnings rose just 0.1% in January from the previous month, as the 0.6% inflation increase eroded the 0.7% total wage gain, according to the Labor Department. On an annual basis, real earnings actually declined 1.7% in January.
A gasoline truck leaves a Marathon Oil Refinery after it was loaded with fuel in Salt Lake City, Utah, Oct. 29, 2021.On average, Americans are shelling out an extra $276 a month on goods and services because of inflation, according to a new Moody's Analytics
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