War in Iran sends inflation soaring, consumer’s mood plunging
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The war in Iran has caused a sharp spike in inflation in the US, with consumer prices rising 3.3% in March from a year earlier. The surge in gas prices is expected to stretch the budgets of lower- and middle-income households and may lead to a broader, long-lasting inflation boost.
The US has seen a sharp spike in inflation due to the war in Iran. Consumer prices rose 3.3% in March from a year earlier. The largest monthly jump in gas prices in six decades has caused a sharp increase in inflation. Excluding volatile food and energy, core prices rose 2.6% in March from a year earlier. The surge in gas prices will affect lower- and middle-income households. Industries that depend on oil and gas are paying more, and have passed on higher costs to consumers. The gas price shock has shifted inflation's trajectory, making it unlikely for the Fed to cut interest rates soon.
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