The U.S. government published its first inflation report this morning capturing the initial weeks of the U.S.-Israel war on Iran. The numbers were predictably brutal.
The Bureau of Labor Statistics’ consumer price index jumped 3.3% in March on an annual basis, the hottest inflation reading on record for the second Trump administration. The monthly price increase figure was an eye-watering 0.9%.
The source of the surge was the cost of energy, and gas prices were particularly jarring in March. While energy costs on the whole rose nearly 11%, the price of gasoline exploded by more than 21%.
