US inflation reached 3.3% year-over-year in March, with consumer prices up 0.9% month-over-month, according to the latest Consumer Price Index report.
Gasoline prices surged 21.2% in March and accounted for nearly three-quarters of the monthly CPI increase, raising transportation costs and pushing up prices for other goods and services. Average hourly earnings, adjusted for inflation, grew at an annual rate of 0.3% in March, down from 1.3% in February, effectively erasing recent real wage gains.
CNN attributed the monthly spike largely to an oil shock linked to the Iran war that began in late February. February's inflation rate had been 2.4% with a 0.3% monthly rise, making March's monthly increase triple February's.
This report is based on information originally published by Jalopnik.
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