US inflation rose to 3.3% in March, up from 2.4% in February.
This was the highest monthly increase since 2022, and analysts attributed it to rising energy prices caused by the Iran war and disruptions to supply in the Strait of Hormuz.
In addition, a more than 20% increase in gasoline prices contributed to the overall increase in inflation. President Donald Trump dismissed the figure, saying that “Americans are enjoying the strongest economy in history,” while Federal Reserve Chairman Jerome Powell described the increase in inflation as a “temporary problem.”
While the increase was expected, Wall Street analysts warned that if inflation remains high for a long time, the possibility of cutting interest rates would be reduced.
