6 days ago
5
Key Takeaways
- March CPI: +3.3% YoY, +0.9% monthly.
- Headline came in below the 3.4% consensus.
- Core inflation ex-food and energy: +0.2% monthly, +2.6% annually.
- Gasoline surged 21.2% in March.
- Bitcoin at ~$72K pre-release.
One Number Did Almost All of It
Gasoline rose 21.2% in March. That is the largest single-month jump since the Bureau of Labor Statistics began tracking the index in 1967. It is also almost the entire CPI story. The Hormuz closure that began February 28 restricted one-fifth of global oil and gas supply, and the March gasoline reading is what that restriction looks like when it feeds into the index.
According to US Bureau of Labor Statistics,energy as a whole rose 10.9% for the month. Fuel oil added 30.7%. Together the energy component accounted for roughly three-quarters of the entire monthly CPI increase of 0.9%. The remaining quarter was distri...
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