March CPI jumps 0.9% as gas prices surge on Iran conflict

Consumer prices rose 0.9 percent in March from the prior month — the largest monthly gain since June 2022 — as gasoline prices posted their biggest single-month increase since the index was first published in 1967, the U.S. Bureau of Labor Statistics reported Friday.

On an annual basis, the Consumer Price Index for All Urban Consumers climbed 3.3 percent, up from 2.4 percent for the 12 months ending in February, according to the BLS.

The index for energy rose 10.9 percent in March, led by a 21.2 percent increase in gasoline prices, which accounted for nearly three-quarters of the monthly all-items increase. Fuel oil surged 30.7 percent over the month, its largest monthly gain since February 2000, according to the BLS report.

The shelter index rose 0.3 percent in March, while the food index was flat as declines in grocery store prices offset a 0.2 percent rise in food away from home, the BLS reported.

The index for all items less food and energy rose 0.2 percent in March, with increases in airline fares, apparel, household furnishings and operations, education and new vehicles, while indexes for medical care, personal care and used cars and trucks decreased.

The all items less food and energy index rose 2.6 percent over the year, following a 2.5 percent increase over the 12 months ending in February.

Email Jessi Healey