Ben Casselman, our chief economics correspondent, describes how the increase in prices as a result of the war in Iran is beginning to show up in the data, and what could come next.
Soaring energy costs led to the biggest monthly increase in the Consumer Price Index since the peak of the post-pandemic inflation crisis in June 2022.
Consumer prices in March were up 3.3% from a year ago, the biggest annual increase in nearly two years. Higher gasoline prices tied to the war with Iran accounted for much of the surge.
