Inflation revs up, again

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

Americans once again are bracing themselves for price hikes. In March, overall annual inflation rose 3.5% and the so-called core rate excluding volatile energy and food prices was up 3.8%. Both measures topped economists' average forecast by a tenth of a percentage, erasing forecasts for the Federal Reserve to start cutting interest rates in June.

Rising inflation may help seniors get a bigger cost-of-living adjustment next year, but for now, they're feeling the pinch. Inflation is now outpacing the 3.2% COLA they began receiving in January for this year.

Gas prices on the rise, again

The average price at the pump for US drivers has risen nearly 6.5% in the past month, from $3.39 to $3.61 per gallon. And we haven't even hit peak summer driving season yet.

In December 2023, the average gas price was $3.15.

Here's where you'll find the most expensive and least expensive gas in the nation.

Tax Day is coming soon!

April 15th, the deadline to file your taxes, is on Monday. Here's everything you need to know to help you get through that dreaded day.

Inflation's also having an outsized impact on people's taxes this year. For example, more seniors are likely paying taxes on their Social Security, more Americans are claiming their parents as dependents, and income thresholds for tax brackets were adjusted up by a record 7% for tax year 2023.

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