Energy shock from Iran war sends March inflation higher

US inflation jumped in March, driven by the energy spike from the Iran war. Consumer prices rose 3.3% in March from a year earlier, the highest in two years, driven largely by a surge in gasoline costs.

Core inflation, which excludes food and energy, increased just 0.2% month over month, compared with a 0.9% overall rise. Meanwhile, consumer sentiment sank to a record low ahead of the ceasefire.