Inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.
FILE - Gas prices are displayed at a gas station Friday, March 11, 2022, in Long Beach, Calif. Rebates or cash payments are being proposed in California, New Mexico, Pennsylvania and elsewhere as states are flush with cash and Americans are facing the highest inflation in four decades.
The escalation of energy prices has led to higher transportation costs for the shipment of goods and components across the economy, which, in turn, has contributed to higher prices for consumers. The March numbers will be the first the capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.11 — is up 44% from a year ago, though it has fallen back in the past couple of weeks.
If the March price figures come in as expected, they will solidify expectations that the Federal Reserve will raise rates aggressively in the coming months to try to slow borrowing and spending and tame high inflation. The financial markets, in fact, now foresee much steeper rate hikes this year than Fed officials had signaled as recently as last month.
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