Summary

• Inflation surged to its highest level in nearly two years in March as the headline Consumer Price Index reached 3.3% year-over-year.
• On a monthly basis, consumer prices rose 0.9%, marginally lower than the expected 1.0% but still representing the largest monthly gain since 2022.
• The spike was overwhelmingly driven by a 10.9% increase in energy costs. Specifically, the gasoline index skyrocketed 21.2%, the largest monthly increase on record.
• Core prices rose 2.6% year-over-year and 0.2% month-over-month. Both figures came in just below their respective forecasts of 2.7% and 0.3%.

By Jennifer Nash

Inflation surged to its highest level in nearly two years in March as the headline Consumer Price Index reached 3.3% year-over-year. This marks a sharp acceleration from February’s 2.4% reading, though it landed slightly below

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