U.S. inflation skyrockets amid Iran war
U.S. inflation surged in March, with the Consumer Price Index rising at a 3.3% annual rate due to the Iran war's impact on global energy costs.
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U.S. inflation surged in March, with the Consumer Price Index rising at a 3.3% annual rate due to the Iran war's impact on global energy costs.
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
Inflation rose by 3.3% in March compared to one year ago, the Labor Department reported Friday, the highest such increase since May 2024. That rise was driven by a 21% spike in gas prices in March from the previous month. Jo Ling Kent has details.
The latest inflation numbers are out, and they show prices jumped last month, due to the war with Iran. CBS News senior business and tech correspondent Jo Ling Kent has more.
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The Consumer Price Index in March rose 3.3% compared to a year ago, the highest in nearly two years. CBS News' Kelly O'Grady explains what's causing the surge in inflation.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Goolsbee, president of the Federal Reserve Bank of Chicago, said mounting inflation risks "complicates the picture" on interest rates.
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American homes and businesses are feeling the ripple effects of the war in Iran. Gas prices are averaging $3.97 a gallon nationwide, up about one dollar in a month, and the largest four-year increase in 30 years. Lana Zak reports from Iowa.
Stock market volatility is hitting higher-income Americans, driving a sharper drop in consumer sentiment.
Economists say the conflict in Iran is making a recession more likely, with higher energy prices hitting consumers and businesses.
Mortgage rates, though still well below their level a year ago, have edged up since the Iran war erupted. Here's why.
Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.
The Federal Reserve left U.S. interest rates unchanged for a third consecutive time on Wednesday. CBS News coordinating producer Richard Escobedo has more.
The Federal Reserve left its benchmark interest rate unchanged on Wednesday, citing economic uncertainty, including potential impacts from the war in Iran. CBS News coordinating producer Richard Escobedo has the details.
The stock market responded negatively on Wednesday after the Federal Reserve left its benchmark interest rate unchanged for a second straight policy meeting. CBS News MoneyWatch correspondent Kelly O'Grady has more.
Since the start of the Iran war, gas prices have increased by 27%, and diesel prices have increased by 34%. Justin Wolfers, professor of public policy and economics at the University of Michigan, joins to examine the potential impact of the war on the overall economy.
For American drivers, the cost of the war with Iran is already showing up at the pump. But there's a bigger warning light flashing for the economy: diesel. Kelly O'Grady explains.
The inflation data captures the period before the Iran war broke out. Since then, oil prices have surged, driving inflation fears.
The new Consumer Price Index released Wednesday shows inflation ticked up in February, but was in line with what experts expected. CBS News MoneyWatch correspondent Kelly O'Grady has more.
February's CPI report shows inflation held steady. Erin Delmore, a geoeconomics correspondent, joins to break it down.
Stocks fell after new government data showed U.S. employers shed 92,000 jobs in February and as investors fret over oil prices.
Mortgage rates are rising as bond investors fret that rising oil prices could boost inflation.
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The effectiveness of a bolstered economic campaign against Iran may rest largely on one close U.S. ally in the Persian Gulf, the United Arab Emirates.
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