A significant spike in US inflation reached a two-year peak in March, with the ongoing conflict in Iran having a profound impact on global energy markets.
The Consumer Price Index, a benchmark for tracking the cost of essential goods and services in the US, experienced a notable increase of 3.3% year-over-year, surpassing the 2.4% recorded in February.
Fuel prices skyrocketed by 21% within a single month, marking the largest such increase since 1967, and pushing the average gallon to $4.15, approximately 40% above pre-war levels.
The White House characterized the disruption as a temporary phenomenon, but economists cautioned that food prices are poised to rise further in April.