Inflation surged in March as Iran war's energy impact hit consumers

Inflation surged in March as consumer prices jumped amid the economic disruptions caused by the Iran war's impact on the energy market.

The Bureau of Labor Statistics on Friday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.9% from a month ago and is 3.3% higher than last year. The annual figure jumped from last month's 2.4% reading, while the monthly increase also rose markedly from last month's 0.3% reading.