Key measure of U.S. inflation jumps to highest level in three years as gas prices soar
Prices were up 3.5% from a year ago in the latest sign the Iran war could delay Fed interest-rate cuts
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Open this photo in gallery:A person pumps gas at Fuel City in Dallas, Tex.Tony Gutierrez/The Associated PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountA key U.S. inflation measure jumped in March as gas prices soared, the latest sign that the Iran war is pushing up the cost of living and delaying any interest rate cuts by the Federal Reserve.An inflation gauge monitored by the Fed rose 0.7 per cent in March from February, up sharply from the previous month, the Commerce Department said Thursday. Compared with a year ago, prices rose 3.5 per cent, the biggest increase in almost three years.Excluding the volatile food and energy categories, core inflation rose 0.3 per cent in March from February, and it was 3.2-per-cent higher than a year earlier.
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