US inflation rises 0.9% in March, largest since June 2022
Business
US consumer prices shot up by 0.9% in March, the largest monthly rise since June 2022. The main culprit? Higher oil prices, thanks to ongoing tensions in Iran.
For context, February's increase was just 0.3%, so this is a noticeable spike according to the latest government data.
Yearly inflation 3.3% curbs Fed cuts
Year over year, inflation hit 3.3% in March, up from 2.4% in February, matching economists' expectations.
Even though job growth remains strong, these rising prices mean the Federal Reserve probably won't cut interest rates any time soon, as inflation remains elevated.