Overview
- The Bureau of Labor Statistics reported Friday that prices rose 0.9% from February and 3.3% from a year earlier, the biggest monthly increase since mid‑2022.
- Energy led the surge as the war disrupted shipments through the Strait of Hormuz, sending gasoline up about 21% in March and pushing the U.S. average pump price above $4, according to AAA and government data.
- Excluding food and energy, core CPI rose 0.2% in March and 2.6% year over year, with economists warning that higher jet fuel and diesel will lift airfares and freight costs in coming months.
- Traders pulled back bets on rate cuts after Friday’s report showed a fresh inflation jump, and recent Fed minutes noted some policymakers see a case to consider future hikes if price pressures persist.
- A two‑week ceasefire announced Tuesday between the U.S. and Iran looks fragile, and tanker flows remain uncertain ahead of planned talks on Saturday, keeping oil prices elevated and market sentiment cautious.