- US inflation has recorded its largest annual increase since May 2024 and biggest monthly inflation spike in four years.
- Consumer prices rose 3.3% in March from a year earlier, the Labor Department said Friday, up sharply from 2.4% in February and the biggest yearly increase since May 2024. On a monthly basis, prices rose 0.9% in March from February, the largest such increase in nearly four years.
- The Iran war has caused global energy prices to surge, pushing oil above $100 a barrel and average US fuel prices over $4 a gallon, largely influenced by Iran's de facto blockade in the Strait of Hormuz.
- Energy prices have climbed 10.9 percent and gasoline is an extraordinary 21.2 percent higher. Core prices, excluding food and energy, also rose by 0.2 percent from February, impacting sectors such as airline fares, apparel, and new vehicles.
- Some relief was noted in grocery prices, which dipped 0.2 percent in March, and utility gas service costs, which decreased by 0.9 percent, though both remain elevated compared to a year ago.
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