by Nicole Goodkind
CNN
New York (CNN) — US stocks fell sharply Wednesday after inflation data for March came in higher than expected.
The blue-chip Dow closed 422 points, or 1.1% lower. The S&P 500 lost 1% and the tech-heavy Nasdaq Composite fell by 0.8%.
US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.
That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months. And while gas and shelter costs contributed more than half of that monthly increase, prices rose in pretty much every major category last month, the BLS said.