US consumer prices rose notably in March against the backdrop of rising energy costs. According to the US Department of Labor, year-over-year inflation reached 3.3%—up from 2.4% the previous month—while remaining slightly below market expectations of 3.4%.

On a monthly basis, the Consumer Price Index (CPI) increased by 0.9%, following a 0.3% rise in February. The energy sector served as the primary driver: prices in this category surged by 12.5% ​​year-over-year, compared to just 0.5% the month prior. This increase is attributed to disruptions in oil shipments through the Strait of Hormuz, a vital waterway accounting for approximately 20% of global crude oil flows.

Rising fuel costs pushed the price of gasoline in the US above $4 per gallon for the first time in over three years. Despite the country being a net exporter of oil, global market benchmarks directly influence domestic prices.

Meanwhile, core inflation—which excludes food and energy prices—stood at 2.6% year-over-year and 0.2% month-over-month, coming in below forecasts. This outcome may allow the US Federal Reserve to refrain from rushing to tighten monetary policy, although the risks of interest rates remaining elevated persist.