"Gas prices jumped nearly 21% in March from the previous month, while grocery prices actually slipped 0.1%. Clothing costs climbed 1% just in March."
"The average price of a gallon of gas nationwide rose to $4.22 a gallon Thursday, according to AAA, up from $2.98 before the war began."
"We're very well aware that people are experiencing higher gas prices all over the country now, and that hurts."
In March, inflation rose significantly, driven by a 21% increase in gas prices, marking a 0.7% rise from February. Year-over-year, prices increased by 3.5%, the highest in nearly three years. Core inflation, excluding food and energy, rose 0.3% from February and 3.2% from the previous year. The Federal Reserve is likely to maintain interest rates as it assesses the impact of the Iran war. Consumer spending also increased by 0.9%, reflecting the economic pressures from rising costs.
Read at Fortune
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