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.
"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."
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]