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Inflation surged in March after an oil shock triggered by the U.S.-Israeli war with Iran, government data showed on Friday. The inflation report matched economists' expectations.
Soaring energy costs led to the biggest monthly increase in the Consumer Price Index since the peak of the post-pandemic inflation crisis in June 2022.
The war with Iran is preventing huge amounts of oil from flowing out of the Persian Gulf, but the prices that many people track don't fully capture the scale of the disruption.