Inflation surged following start of Iran war, March CPI report shows

Prices for the goods and services Americans use the most spiked higher in March as the war in Iran unfolded.

The Labor Department on Friday confirmed that its Consumer Price Index, a measure of inflation, was 3.3% higher in March than a year ago. That's in line with what most economists had expected – and likely what many American consumers have sensed.

A record 21.2% spike in gasoline prices, which marks the largest monthly increase since record collection began in 1967, accounted for nearly three quarters of the monthly all items increase. Over the year, they were up a whopping 18.9%.