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US Inflation Rose to 3.3% in March, Driven by Rising Fuel Costs
The BLS reported that energy costs drove the largest monthly U.S. inflation jump in nearly four years, with gasoline accounting for nearly three-quarters of the increase.
- 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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The largest monthly increase in gasoline prices in 60 years led last month to a significant acceleration of inflation in the United States, posing major challenges for the Federal Reserve and aggravating the already considerable political obstacles facing the White House.
·Montreal, Canada
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Total News Sources344
Leaning Left87Leaning Right30Center103Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 39%
C 47%
14%
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