The consumer price index increased a seasonally adjusted 0.9% in March putting the annual inflation rate at 3.3%. However, core prices rose much less – just 0.2% for the month and 2.6% from a year ago, both 0.1 percentage point below forecast, indicating that underlying inflation was contained. The Iran conflict was the story for the monthly inflation reading, as gasoline soared 21.2%, accounting for nearly three-quarters of the headline price increase, according to the BLS. A man shops for butter at a supermarket in Houston, Texas, on March 17,
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