to grimsby, where around 5000 boxes of fish come through every single week. the vast majority of them are coming in from iceland, haddock and cod on the whole, but i think about every step of that journey for the fish to make their way here. for vessels like this, the fuel involved. forthe vessels like this, the fuel involved. for the trucks that bring them onto side. right down to was at home wondering whether to treat ourselves to that fish supper on friday. inflation is everywhere. predictions are they will reach a a0 year high when we get the latest figures at seven o clock. in march, that measure of inflation was 7%. that means prices were on average 7% higher that month, compared to a year earlier. driving that increase? petrol and diesel prices, the cost of buying a second hand car, furniture prices, food prices, and even the amount we paid for clothes and shoes. but we all know what happened a month later in april. the energy price cap went up by 5a%,
of the unprecedented performance in prior years. by no means is the crisis over across the board. for instance, furniture giant ikea said their furniture prices will go up 9% due to the backlog. given us an understanding where things stand with that company, sure, but long term throughout the market. ikea like so many companies around the world is being forced to raise prices, and the main drivers of the price hikes that we re seeing from ikea, increase in costs in transport and raw materials. the question is how long will the pressures remain? on that the company offered a fairly pessimistic outlook. it does not anticipate a break in the foreseeable future and expects disruptions far into 2022. that is what we re hearing from
you can see for a very long time inflation was very low. as can you see on the right the chart shows prices are going basically straight up. the last time we saw a number like this was 1982, a long time ago. e.t. was the top movie then. i was not alive yet. that tells me a lot. if i was, i would have been looking at the inflation report, of course. what s startling about the report it shows inflation is really widespread. we saw record price spikes on new cars and trucks, fresh fish, restaurant meals, appliances, furniture prices up 17%. new cars and trucks up, and that was before these disruptions being caused by the protests on the border with canada. we have to put this into context, a lot of positives, gdp was up by the most last year since 1984. unemployment down to 4% but, alisyn, the high cost of living continues to be a sore spot. does this change the fed s plan? it might. there s a growing sense that the fed is late, that it was slow to
kimberly. but, the administration is trying to do putin price hike to link on to all of this. yeah, they have finally have something they think they can blame it on. the problem is they can maybe do that for a little bit for some of the energy prices, gas prices, obviously. we have seen a hike in that. since russia invaded the ukraine, but, what was really notable about these numbers is that if you strip out some of the more volatile sectors like energy and food, the numbers are still eye-popping for everything else. you certainly can t blame vladimir putin for rising restaurant prices or rising furniture prices. that s one problem. also, it s become pretty clear that i knowflation is now becoming part of the psychology of business owners, and that s always a very dangerous moment, what you get to because it suggests that you could have prices continue to really go up. mara, that one word really tweaked everybody transitory. because we heard transitory for inflation for weeks on en
the market already knew about that. no new information there. i don t want that. i want rate hikes in january, february and march, april, may, june. i want to see in between meetings. my pal kevin said that on our show. they should move one-half of 1%. i don t want to destroy the economy. i am saying if they do this you will face short lived pain. but that s all. the boom can continue. can go on. the longer they wait look, the inflation rate is 7%. it could be 10% in a month or 2. is that what we want? does that help anybody? sandra: what does that do? food and gasoline and home prices and furniture prices. does that help anybody?