Scott Horsley

With inflation at a four-decade high, a growing number of forecasters worry the U.S. economy may be headed to a recession as the Fed gears up to raise interest rates aggressively.

Consumer prices in March were up 8.5% from a year ago — the sharpest increase since December of 1981. Stubbornly high inflation is a challenge for the U.S. economy and the Biden administration.

Inflation in March was the highest since December of 1981, with prices up 8.5% from a year ago. Rising prices are especially hard on low-income people, who spend more of their money on necessities.

High inflation and the resulting crackdown by the Federal Reserve are fueling worries that the U.S. could be headed for a recession.

U.S. employers added 431,000 jobs in March, as the unemployment rate fell to 3.6% from 3.8% in February. The tight job market is putting upward pressure on both wages and prices.

The Labor Department is issuing its monthly report card on jobs and unemployment. The job market has been unusually tight, which is pushing up both wages and prices.

Soaring gasoline prices have fueled increased demand for electric cars, hybrids and smaller gasoline-powered vehicles. But shoppers may not find much to choose from.

High gasoline prices are boosting demand for more fuel-efficient vehicles. But some customers shopping for hybrids or electric cars are turned off by the rising sticker prices and limited selection.

The Federal Reserve raised interest rates today for the first time since 2018, in an effort to tamp down inflation. Additional rate hikes are likely in the months to come.

Biden's pick to be the Fed's top bank regulator has withdrawn her nomination. She attracted Republican opposition after calling on bank regulators to monitor the financial risks from climate change.

The opposition of Manchin, the Democratic senator from West Virginia, likely dooms Raskin's chances to be confirmed.

Consumers are spending freely, even as prices climb at the fastest pace in decades. While inflation has put a dent in some people's purchasing power, others have money to burn.

Western sanctions in response to Russia's invasion of Ukraine have pushed up gas prices. Though the U.S. was not a big buyer of Russian oil, it's still subject to the whims of global energy markets.

Consumer prices surge 7.9% in February from a year ago, keeping inflation at a 40-year high.

Annual inflation rose to a four-decade high in February, as consumer prices were up 7.9% from a year ago. That does not include most of the spike in gas prices tied to Russia's invasion of Ukraine.

Annual inflation climbed to a new four-decade high in February, with consumer prices up 7.9% from a year ago. The increase does not reflect most of the recent jump in gasoline prices.

President Biden is banning U.S. imports of Russian oil: the latest move to punish Moscow for its war on Ukraine. Gasoline prices are spiking.

As the U.S. and western allies weigh restrictions on energy purchases from Russia, the U.S. is dealing with a record high price for a gallon of gas. That's due to an increase in crude oil costs.

The prospect that the U.S. and its allies could impose new sanctions on Russian oil pushed energy prices sharply higher. The average price of gasoline in the U.S. hit $4.06 per gallon.

The Federal Reserve Board plans to raise interest rates in an effort to curb inflation. It wants to do that without stalling job growth, and is likely encouraged by the latest employment report.