US inflation picked up sharply in March, driven largely by a surge in energy costs, marking a clear acceleration from the more subdued pace seen earlier this year.
The Consumer Price Index rose 0.9% in March, according to the US Bureau of Labor Statistics, after increasing 0.3% in February. Prices are now 3.3% higher over the past 12 months, showing that inflation remains above the Fed's historical benchmark rate despite cooling from earlier peaks.
