Inflation accelerated to a new four-decade high in March as supply chain constraints, the Russian war in Ukraine and strong consumer demand fueled rapid price gains that wiped out the benefits of rising wages for most Americans.

The Labor Department said Tuesday that the consumer price index – which measures a bevy of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9%. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.