Summary
Inflation in the United States rose to its highest level in almost two years, with consumer prices increasing by 3.3% over the past year. This rise was mainly due to higher oil prices caused by the US-Israel conflict in Iran, impacting gas and fuel oil costs significantly.
Key Facts
- Inflation in the U.S. increased by 3.3% over 12 months ending in March.
- The rise followed a 2.4% increase in February.
- The US- Israel war in Iran has raised oil prices, impacting inflation.
- Gas prices went up by 21.2% from February to March, a record monthly rise since 1967.
- Fuel oil prices jumped more than 30%, the biggest increase since February 2000.
- In California, gas prices are notably higher, with an average gallon costing $5.93.
- The national average gas price is $4.16 per gallon.
