"March CPI Report: Surging Gas Prices Fuel Unexpected Inflation Spike"

Higher gasoline prices were a key factor in the 0.4% increase in March's Consumer Price Index, with the cost of gasoline and shelter accounting for over half of the rise. Gasoline prices rose 1.7% from the previous month and 6.4% before seasonal adjustments, contributing to a 1.1% increase in the energy index. US crude futures climbed above $80 per barrel in mid-March and have stayed above that level, with OPEC+ planning to maintain output cuts until June and geopolitical tensions adding upward pressure on prices.