Higher gasoline prices pushed up the consumer price index in March as the U.S. and Israeli war with Iran constrained energy exports from the Persian Gulf but price pressures were muted outside of energy.
The consumer price index rose 0.9 percent in March, the Department of Labor said Friday. Compared with a year ago, prices were up 3.3 percent.
Economists had forecast the 0.9 percent monthly gain. The year-over-year increase was just below the 3.4 percent consensus forecast.
Energy prices jumped 10.9 percent in March, led by a 21.2-percent increase in gasoline prices. The government said this accounted for nearly three-quarters of the monthly overall increase.
Core prices, a measure that excludes energy and food prices, climbed 0.2 percent. That matches the increase in February and is below the 0.3 percent increase forecast. For the year, core prices are up 2.6 percent, also a tenth of a percentage point below expectations.
Grocery prices fell 0.2 percent in the month while restaurant prices rose 0.2 percent. As a result, the index covering overall food prices was flat for the month.
Used car prices fell 0.4 percent and new car prices rose just 0.1 percent, both better than expected. Compared with a year ago, used car prices are down 3.4 percent and new car prices have climbed a mild 0.5 percent.