Inflation rises in US amid Iran war, Hormuz blockade

What Happened

US consumer prices rose 0.9 percent in March, the largest monthly increase since May 2022, driven primarily by energy costs. Gasoline prices increased 21.2 percent and fuel oil rose over 30 percent following the February 28 war between US-Israel and Iran. Iran's closure of the Strait of Hormuz disrupted global oil supplies. Oil prices reached $120 per barrel from $70 pre-war. A two-week ceasefire began Tuesday, with Iran lifting its blockade. However, marine traffic remains below pre-war levels. US gasoline averaged $4.15 per gallon.

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