US inflation rose to 3.3 per cent in March, the highest since May 2024, fuelled by a surge in petrol prices as the impact of the Iran war ricocheted across the world’s biggest economy.
Friday’s consumer price index figure was up from a year-on-year reading of 2.4 per cent in February, but the increase was slightly less than economists had predicted. Analysts polled by Bloomberg had forecast a rise to 3.4 per cent. Consumer prices jumped 0.9 per cent in March from February levels.
The report from the Bureau of Labor Statistics provides the first broad official snapshot of how the war has affected prices for Americans since it erupted at the end of February.