Gasoline prices rise in the US as energy costs remain at high levels

arabictrader.com

Gasoline prices rose by 21.2 percent from February to March, the largest monthly increase since the government began tracking these figures in 1967. Heating oil prices jumped by more than 30 percent, the largest increase since February 2000.

Although talks between the United States and Iran have revived hopes of reopening the corridor for shipping, analysts warned that a return to normal energy supplies could take time. Oil prices have also retreated from their recent record highs, but remain about 30 percent higher than they were before the conflict broke out.

Kano, who drove for more than an hour through heavy traffic from the Inland Empire to downtown Los Angeles to shop for her daughter's baptism, added: "I wonder why we are in this war. It is unnecessary. As a country, we should make better decisions."

Some analysts said they found a measure of optimism in that core inflation came in lower than expected, rising by 2.6 percent. Core inflation is considered a more accurate indicator of underlying trends because it excludes food and energy prices, which are typically volatile.

Berenberg Bank US economist Atakan Bakiskan said: "Hoping that inflation is transitory is just a hope, but Federal Reserve officials will think twice before telling the public that they expect inflation to be transitory, after they misjudged post-pandemic inflation and incorrectly labeled it as such."

Atakan Bakiskan, a US economist at Berenberg Bank, noted that "the hope is that inflation will be transitory, but Federal Reserve officials will think twice before telling the public that they expect inflation to be transitory, after they misjudged post-pandemic inflation and inaccurately described it."