(CNBC) Consumer price inflation in March is expected to have spiked the most since December 1981, driven by higher food costs, rising rents and runaway energy prices. The consumer price index will be released Tuesday at 8:30 a.m. ET, and economists expect a monthly jump of 1.1% and a year-over-year gain of 8.4%, according to Dow Jones. That compares with February’s increase of 0.8%, or 7.9% year over year, the highest since early 1982. “It’s going to be ugly,” said Mark Zandi, chief economist at Moody’s Analytics.
March’s runaway energy prices and higher food costs could mean hottest consumer inflation since 1981
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