US inflation surged in March as the war in Iran drove oil and gas prices up.

Overall inflation rose to 3.3%, the highest level in almost two years; however, “core” inflation, which removes volatile food and energy prices, only increased modestly — suggesting that the long-term effects of the global energy crisis are yet to be seen.

The White House sought to downplay the data, saying “the American economy remains on a solid trajectory… of tax cuts, deregulation, and energy abundance.”

Stocks were relatively unmoved by the results: “Despite the temptation to compare to the last major geopolitical episode, this isn’t 2022,” one economist told the Wall Street Journal. “Measures of global supply-chain stress aren’t flashing red, at least for now.”