The US March seasonally adjusted CPI surged 0.9% month-on-month, the largest single-month increase since 2022. It rose to 3.3% year-on-year, the fastest growth rate since 2024. This round of inflation rebound was almost entirely driven by energy prices; a surge in gasoline prices contributed nearly three-quarters of the increase, while core inflation slowed to 0.2% month-on-month. Geopolitical conflicts have pushed up oil prices, directly roiling global inflation expectations, adding another variable to the Federal Reserve’s rate-cut timeline, and the market is facing pressure again 🌍