US retail inflation rose 8.5% in FY22, highest since 1981

Retail inflation in the US rose 8.5% in FY22, its highest level since 1981, and rose 1.2% in March 2022, the highest since 2005. Increase in prices of gasoline, food and housing contributed the most to rise in retail inflation in March. While gasoline prices rose 48% in FY22, food and housing inflation rose 8.8% and 5% respectively.