US inflation surged in March, with CPI rising 0.9% month-on-month and 3.3% year-on-year, the fastest pace since 2024, driven largely by a record spike in gasoline prices. Energy accounted for nearly three-quarters of the increase, while core inflation rose a modest 0.2%. Despite this, S&P 500 futures gained and the dollar fell. The Iran conflict is feeding through to the economy, lifting fuel and service costs. Even with a truce, economists expect persistent price pressures from energy, transpor

US inflation surged in March, with CPI rising 0.9% month-on-month and 3.3% year-on-year, the fastest pace since 2024, driven largely by a record spike in gasoline prices. Energy accounted for nearly three-quarters of the increase, while core inflation rose a modest 0.2%. Despite this, S&P 500 futures gained and the dollar fell. The Iran conflict is feeding through to the economy, lifting fuel and service costs. Even with a truce, economists expect persistent price pressures from energy, transport, and fertilizer disruptions.