U.S. consumer price growth surges in March amid Iran-linked energy cost jump
Complete. Here is the key summaryU.S. consumer price growth surged in March, primarily due to rising energy costs linked to the Iran war. The consumer price index increased by 3.3% year-on-year, up from 2.4% in February, slightly below economists' expectations of 3.4%. Month-on-month, the index rose by 0.9%, compared to 0.3% previously. Excluding food and fuel, the core CPI was at 2.6% year-on-year and 0.2% month-on-month, both lower than forecasts. This is a developing story.
Investing.com - U.S. consumer price growth accelerated sharply in March, largely driven by a spike in energy costs due to the Iran war, although the increase had been widely anticipated by markets.
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In the twelve months to March, the consumer price index rose by 3.3%, compared to 2.4% in February and economists’ expectations of 3.4%.
Month-on-month, the closely-tracked inflation gauge from the Labor Department jumped by 0.9%, versus 0.3% in the preceding month. The figure was seen at 1.0%.
However, stripping out volatile items like food and fuel, so-called "core" CPI stood at 2.6% year-on-year and 0.2% month-on-month, both slower than forecast.
(This is a developing story. Please check back later for updates.)