U.S. inflation rose 3.3% in March as gas prices surged
The Facts
- Consumer prices rose 3.3% in March from a year earlier, up from 2.4% in February.
- Consumer prices rose 0.9% in March from February, the largest monthly increase in nearly four years.
- Multiple reports attributed the March inflation spike to the largest monthly jump in gas prices in six decades.
- March was the first inflation report to capture the effects of the Iran war.
- Core prices, which exclude food and energy, rose 2.6% in March from a year earlier, up from 2.5% in February.
- Core prices rose 0.2% in March from the previous month, indicating the gas price shock had not yet spread widely to other categories.
Context
Why did inflation accelerate in March?
The reports say March inflation was pushed higher mainly by a sharp rise in gasoline prices, described as the biggest monthly jump in gas prices in six decades NBC Southern Califo…,Transport Topics.
What does the core inflation reading show?
Core inflation, which excludes food and energy, rose 2.6% from a year earlier and 0.2% from February, a sign that the March surge was concentrated in energy rather than broadly spread across many categories Investment Executive,Transport Topics.
Why is this report significant?
It is significant because it is the first inflation reading to reflect the effects of the Iran war, linking the conflict's impact on energy prices to broader U.S. consumer inflation data PBS.org,Anchorage Daily News.
The receipts — 32 sources
Wire services (18)
Independent coverage (14)
The news, read by both sides.
The day’s biggest stories in one short brief, built to show both sides and the competing values behind the headlines. Free in your inbox.