The annual rate of inflation hit 3.3%, led by a 21.2% increase for gasoline — the largest one-month increase at the pump since 1967.

The annual rate of inflation hit 3.3%, led by a 21.2% increase for gasoline — the largest one-month increase at the pump since 1967.

Surging gas prices pushed inflation to its highest level in two years last month as the war with Iran sent gas prices spiraling.

The annual rate of inflation hit 3.3%, led by a 21.2% increase for gasoline — the largest one-month increase at the pump since 1967. Between February and March, overall inflation climbed 0.9%.

Gasoline prices surged to their highest levels since the Covid-19 pandemic last month, while diesel and jet-fuel prices set records. Despite a two-week ceasefire announced Tuesday, those prices have yet to meaningfully decline. On Friday, AAA reported gas prices averaged $4.15 a gallon, $0.02 less than the $4.17 seen a day earlier.

Friday’s report comes amid broader concerns about the longer-term impact of the U.S. conflict with Iran.

  • Rhaedas@fedia.io
    31·
    1 day ago

    To be fair, US gas prices normally have been artificially lower than they should be from just supply and demand forces. Taking inflation into account, current average high prices still aren’t anywhere near the all time peak of 2008.

    So yes, higher gas in a society that requires its use but doesn’t keep wages matched with inflation sucks. But it could be worse? We need a bit of pressure to reduce usage anyway, and while I still see people idling away in situations where they didn’t need to, we aren’t hurting that bad.