According to Labor Department data, March saw consumers paying higher prices for everyday goods than ever before. This is according to Tuesday’s Labor Department data.

On an unadjusted basis the consumer price index which measures a large-ranging range of goods or services increased 8.5% over last year, surpassing even the Dow Jones 8.4% estimate.

CPI was 6.5% higher than expected, excluding food and energy.

This data showed price increases that were not observed in the U.S. during the stagflation period of the 1970s and 1980s. In fact, March’s headline reading was actually the highest since 1982. Core inflation was the highest level since August 1982.

Real earnings have not kept up with inflation’s rise in inflation despite having increased 5.6% compared to a year earlier. According to another Bureau of Labor Statistics report, real hourly earnings saw a 0.8% decrease seasonally.

The Federal Reserve began raising interest rates to combat inflation and will continue this trend through the rest of 2019 and 2023.

Many of the most common culprits for price increases were responsible.

Food prices rose 1% in the last month, and by 8.8% for the entire year. While energy and shelter prices increased by 32% and 11% respectively, the CPI-weighted weightings for both remained the same. The 12-month gains were a staggering 5%.

The markets responded positive to the report, despite the rises. The stock market futures increased while the yields on government bonds declined.

Inflation burst in one major sector in March, but it has subsided. Prices for used cars and trucks fell by 3.8%, but they still rose 35.3% over the previous year. Commodity prices, excluding energy and food, fell 0.4%.

This is breaking news. Keep checking back for more updates.