Inflation spiked in March, rising nine-tenths of a percentage point to 3.3% on the year, as towering energy prices drove up the headline number.
The Bureau of Labor Statistics reported the update to the consumer price index on Friday. The inflation reading is the highest since 2024.
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DEMOCRATS ATTACK TRUMP FOR ‘OUT OF TOUCH’ AFFORDABILITY MESSAGE AMID IRAN WAR
In March alone, prices rose 0.9%.
The report shows that the war in Iran is driving up inflation, which had been steady for much of the past year, albeit still above the 2% Federal Reserve target. The conflict is having the effect of worsening affordability, which was already a top concern for voters.
The increase was almost entirely driven by spiking energy prices.
Before the war began in late February, crude oil was trading at about $67 a barrel. That price shot up to $112 earlier this month — a massive increase that rattled consumers and caused gas prices to spike.