Spike in Fuel Prices Pushes Inflation Up Sharply

The largest monthly jump in gas prices in six decades sent March inflation sharply higher, the Labor Department reported. Consumer prices rose 3.3% from a year earlier, up from 2.4% in February, and climbed 0.9% on the month, the biggest gain in nearly four years. Core inflation rose 2.6% year over year and just 0.2% on the month. The gas price shock, tied to the Iran war, is pushing inflation away from the Fed’s 2% goal and will almost certainly delay rate cuts for months, intensifying political pressure on the White House.