Where are high prices hitting American families the hardest?

foxbusiness.com:

A 'Mornings with Maria' panel discusses the U.S. economy and markets after the January year-over-year CPI comes in at 3.1%.

Inflation rose faster than expected in March as an increase in the cost of rent and gasoline kept prices painfully high for millions of Americans.

The Labor Department said Wednesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.4% in March from the previous month. Prices climbed 3.5% from the same time last year, above the 3.2% figure recorded in February. 

«This was a painful report with few bright spots for consumers,» said Robert Frick, corporate economist with Navy Federal Credit Union. «Not only did most food prices rise after they seemed to flatten out, car insurance had a big jump.»

Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.

INFLATION ACCELERATES MORE THAN EXPECTED IN MARCH AS HIGH PRICES PERSIST

Housing costs were once again one of the biggest drivers of inflation last month. Rent costs rose 0.5% for the month and are up 5.7% from the same time last year. 

A «for rent» sign is posted in front of a home on Dec. 12, 2023, in Miami. (Joe Raedle/Getty Images / Getty Images)

Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home also climbed by 0.4% from the previous month.

JAMIE DIMON WARNS INFLATION, INTEREST RATES MAY REMAIN ELEVATED

Food has been one of the most visceral reminders of inflation for Americans. In March, the cost of food rose 0.1% after