Inflation surged in March, propelled by drastically higher energy prices resulting from the U.S.-Iran conflict that throttled a critical crude oil transit point.
Overall prices increased by 3.3% in the 12 months through March, in line with economist expectations, up from 2.4% in February, according to the U.S. Labor Department’s Consumer Price Index (CPI) data released Friday.
Core inflation, which strips out volatile food and energy prices, increased to 2.6%, up from 2.5% in February, also meeting forecasts and signalling underlying price pressures.
On a monthly basis, headline inflation measuring overall price changes jumped 0.9%, while core inflation rose 0.2% from the month before.
This is a developing story. Please check back for updates.
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Snejana Farberov is a reporter at Realtor.com covering the U.S. housing market and the latest domestic real estate trends. She has worked as a general assignment journalist in New York City and Long Island for 16 years, writing for New York Post, Daily Mail, and News 12. Snejana earned bachelor’s degrees in journalism and Italian from St. John’s University, followed by a master’s degree from Columbia University School of Journalism.
