The annual consumer price inflation rate in the U.S. jumped to 3.3% in March, marking the highest level since May 2024 and a sharp increase from 2.4% in February, though it matched forecasts. The rise was primarily driven by higher energy costs which soared 12.5%, with gasoline up 18.9% due to the war with Iran. On a monthly basis, consumer prices rose 0.9%, the largest increase since June 2022, following a 0.3% gain in February, though this was also in line with forecasts. The annual core inflation rate, which excludes food and energy, rose to 2.6% in March from 2.5% in the previous two months, slightly below market expectations that it would have risen to 2.7%.
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