US CPI monthly rate hits the largest increase since 2022, with the rise in oil prices contributing to nearly 3/4 of the increase.

Due to the war with Iran causing a surge in gasoline prices, the seasonally adjusted Consumer Price Index (CPI) in the United States jumped by 0.9% in March, marking the largest increase since 2022. Data released on Friday showed that the US CPI in March rose by 0.9% from February, with a year-on-year increase of 3.3%, the fastest pace since 2024. The US Bureau of Labor Statistics stated that the record increase in gasoline prices accounted for nearly three-quarters of the CPI increase for the month. Another index that excludes food and energy costs showed a slower month-on-month increase of 0.2%.