US wholesale prices jump 3.4% annually, biggest spike in a year
Wholesale prices in the US jumped 0.7% last month, making for a 3.4% annual spike, the biggest in a year and more than experts expected.
The jump comes as tensions with Iran have sent energy costs soaring, and food isn't spared either: vegetable prices shot up nearly 50%, while fruit climbed by 10%.
Core prices also rise
Core wholesale prices (basically everything except food and energy) rose by 0.5% for the month and almost 4% over the year, again, the highest since early last year.
Oil prices surged nearly 50% after conflict disrupted supply routes, pushing average gas up to $3.84 a gallon from under $3 before things heated up.
Diesel got even pricier thanks to its key role in shipping goods around.
Fed meets to discuss interest rates
With consumer inflation still above target at 2.4%, the Federal Reserve met on March 18 to talk interest rates, hoping to keep things in check as these higher costs ripple through the economy.
After news broke, major stock indexes like the S&P 500, the Dow, and the Nasdaq all opened lower, showing just how much these price jumps are rattling investors too.