US inflation soared in March amid the US-Israel war with Iran, with prices up 0.9% compared with last month and 3.3% over the year, according to new data released on Friday.
The spike in the consumer price index (CPI), which measures the price of a basket of goods and services, is the largest in nearly two years and the first official measure of how the conflict has affected US consumer prices, particularly as Iran blocked the strait of Hormuz, through which a fifth of the world’s oil and gas would typically pass.
