🔥US March CPI year-over-year rises 3.3%, energy prices surge pushing inflation higher

Data from the U.S. Department of Labor shows that the March CPI increased by 3.3% year-over-year, higher than February's 2.4%. Core inflation rose 2.6%, slightly below market expectations. Energy prices increased 12.5% year-over-year, gasoline prices rose 18.9%, and fuel oil increased 44.2%. The report for the first time reflects the impact of the Iran war on inflation, with the closure of the Strait of Hormuz driving up crude oil and gasoline prices. Economists warn that energy prices will not immediately fall back, and corporate price reductions are slow to respond. Stifel Chief Economist Lindsey Piegza said the effects might become apparent in one to two months.