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US Inflation Rose to 3.3% in March, Driven by Rising Fuel Costs
Energy costs surged 10.9% in March, driving the biggest monthly jump in U.S. consumer prices in nearly four years, the Bureau of Labor Statistics said.
- On Friday, the Bureau of Labor Statistics reported consumer prices rose 0.9% in March, pushing annual inflation to 3.3%, driven by a 21% gasoline price spike.
- Global energy prices surged after Iran's de facto blockade of the Strait of Hormuz began in late February, constraining crude oil flows and triggering the energy shock.
- Excluding volatile food and energy components, 'core' inflation rose a modest 0.2% for the month and 2.6% from a year ago, indicating underlying price pressures remain contained.
- Traders have dialed back expectations for Federal Reserve interest-rate cuts this year, while Federal Reserve Chair Jerome Powell noted policymakers remain attentive to risks amid the energy shock.
- Economists warn that higher energy costs will likely ripple through energy-intensive industries like airlines and shipping in coming months, further eroding purchasing power for U.S. households already stretched by elevated costs.
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March inflation jumps to 3.3% as war in Iran drives energy costs higher
The Bureau of Labor Statistics released inflation data for March showing an annual rate of 3.3%, up 0.9% in just one month. Economists say while the higher rate may seem shocking, the reason is straightforward.
·Cedar Rapids, United States
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Coverage Details
Total News Sources370
Leaning Left94Leaning Right32Center109Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 40%
C 46%
14%
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