Soaring Energy Costs Drive Highest Inflation in Nearly 2 Years
Energy prices skyrocket as Russia-Ukraine conflict impacts global supply, pushing consumer prices up 3.3% from a year ago - the biggest jump in almost two years.
The latest economic data reveals a worrisome trend - consumer prices in the United States have surged to the highest level in nearly two years. According to the latest report, consumer prices rose by 3.3% in March compared to a year ago, marking the largest annual increase since April 2021.
At the heart of this inflationary surge are skyrocketing energy costs, driven primarily by the ongoing conflict between Russia and Ukraine. The war has disrupted global energy supply chains, leading to a sharp rise in gasoline and other fuel prices. Gasoline prices jumped more than a dollar per gallon in March alone, pushing the overall inflation rate sharply higher.
Source: NPR
