The actual number was 0.8%. It was the biggest monthly gain in CPI since 1981. Annualized, CPI measured 4.2% – more than double the mythical Federal Reserve target of 2%.

Federal Reserve Vice Chairman Richard Clarida said, "We were surprised by higher than expected inflation data."

In his podcast, Peter Schiff said the only reason investors and economists were surprised is because they're clueless.

Peter said the low expectation didn't make sense given the price increases we're seeing in the economy and the trajectory of the CPI over the previous three months. The monthly rises in CPI through the first quarter showed an unmistakable upward trend. The CPI in January was up 0.3%, it was up 0.4% in February and it rose 0.6% in March.

"Why would anybody expect the next number in that sequential series of months to collapse down to 0.2, which would have been quite a bit lower than the lowest reading of the year that happened all the way back in January?"