Soaring gas prices lead to biggest monthly inflation spike in four years in
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The US experienced its largest monthly jump in gas prices in six decades, causing a sharp spike in inflation in March. Consumer prices rose 3.3% in March from a year earlier, with gas prices averaging $4.15 a gallon nationwide, up from $2.98 before the Iran war began.
The US saw a significant increase in inflation in March due to soaring gas prices. Consumer prices rose 3.3% from a year earlier. The largest monthly jump in gas prices in six decades caused a sharp spike in inflation. Gas prices averaged $4.15 a gallon nationwide. Excluding food and energy, core prices rose 2.6% in March. Economists expect the impact to be shorter-lived than in 2022.
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