After the Bell Business Report 3/10/22

A key inflation measure is now at a level we haven’t seen… since January of 1982.
Good afternoon. The consumer price index stood at 7.9% over the last 12 months. What’s behind that? Much higher prices for food, gas, and housing.

The markets responded in form.
The Dow lost 112 to close at 33,174
The Nasdaq fell another 1%, down 125
The S&P dropped 18


Food prices went up 1% just in February alone. Over the past year, food prices rose 8%. Gas prices shot up 38% in the last 12 months. Since the beginning of March, gas prices have gone up another 20% nationally, about $0.70 / gallon.

At the closing bell, oil dropped another $2.00 to around $106 / barrel. Meanwhile, gold is climbing straight up, another 1% higher today, trading just over $2,000 / ounce.

Those higher fuel prices mean your spring break vacation could cost more. Round-trip ticket prices have surged 26% over the last year.

Mortgage rates aren’t immune here. The 30-year fixed rate now averages 3.85%. That’s up from 3.76% last week.

From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.

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