""It's painful in the near term," said Michael Pearce, chief U.S. economist at Oxford Economics. "It's going to get more painful in April.""
""The surge in gas prices will stretch the budgets of lower- and middle-income households as it erodes their incomes, making it harder to afford other necessities such as food and rent.""
Consumer prices increased by 3.3% in March compared to the previous year, a notable rise from 2.4% in February. This surge is attributed to the largest monthly jump in gas prices in six decades, impacting lower- and middle-income households. Core prices, excluding food and energy, rose 2.6% year-over-year. Economists express uncertainty about the long-term effects of the current oil and gas price shock, with comparisons drawn to inflation spikes following the Russia-Ukraine conflict. The situation remains fluid, particularly in the Strait of Hormuz.
Read at Boston.com
Unable to calculate read time
Collection
[
|
...
]