Gasoline surge pushes March inflation higher amid Iran-related price pressures
TL;DR Summary
March CPI rose 3.3% year over year, driven by a 21% jump in gasoline prices; core CPI increased 0.2% for the month and 2.6% over 12 months, while food costs were flat. The energy shock is the primary driver of headline inflation, with non-energy inflation remaining modest. Potential follow-on price pressures could come from supply bottlenecks, as geopolitical tensions around Iran add to energy market volatility ahead of peace talks.
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