America’s wallets didn’t need a war bulletin — they felt it at the pump. March’s Consumer Price Index saw its biggest jump since 2022, with inflation rising 0.9% and the annual rate climbing to 3.3%. The rebound was largely fueled by gasoline, where prices jumped 21% in a single month, marking the steepest increase on record dating back to 1967.

• Real wages slipped as inflation-adjusted weekly earnings fell 0.9% in March, leaving growth at just 0.2% year-over-year and tightening household budgets.
• Core inflation stayed contained with CPI ex-food and energy rising 0.2% monthly and 2.6% YoY, showing limited spillover beyond energy.

Don’t holster the worry yet: Wells Fargo’s Tom Porcelli said the numbers were “better than feared,” but stressed it’s not an “all clear.” Economists warn food prices typically take three to six months to reflect energy shocks, especially with fertilizer tied to natural gas. Stifel’s Lindsey Piegza added that “we won’t feel the bulk of that” for another month or two. With the Strait of Hormuz still largely stalled, any relief is likely to come slower than the spike itself.