Inflation jumps to 3.3%

U.S. consumer prices rose 3.3% year-over-year in March, the Bureau of Labor Statistics reported Friday. (bls.gov 1) (bls.gov 2) The Consumer Price Index increased 0.9% from February to March on a seasonally adjusted basis, the BLS said. (cnbc.com) (bls.gov) Gasoline prices jumped 21.2% in March and accounted for nearly three quarters of the monthly CPI increase, the report shows. (bls.gov 1) (bls.gov 2) The 21.2% gasoline spike was the largest single-month increase in the series’ history and the biggest monthly gain since records began in 1967, analysts reported. (usatoday.com) Stripping out food and energy, the “core” CPI rose 0.2% in March and 2.6% over the last 12 months, according to the BLS tables. (bls.gov 1) (bls.gov 2) Economists and reporters linked the surge to the outbreak of hostilities in Iran and to crude oil’s jump above about $110 per barrel last week. (nbcnews.com) The BLS said the energy index rose 10.9% in March, led by gasoline and fuel oil, which together powered the monthly headline gain. (bls.gov) (bls.gov) At the pump, the national average for a gallon of regular gasoline was about $4.13 on April 11, according to AAA’s weekly price data. (aaa.com) (gasprices.aaa.com) Markets reacted: Treasury yields ticked higher and traders re‑priced interest‑rate expectations after the report, even as futures showed lingering bets that the Federal Reserve will wait before cutting rates. (bloomberg.com) The Bureau of Labor Statistics has the next CPI release—the April report—scheduled for May 12, 2026. (bls.gov)