The annual inflation rate rose to 3.3% in March, driven by a surge in energy prices caused by the war in Iran, according to federal government data released on April 10.
This increase marks a significant jump from February’s annual pace of 2.4%, highlighting how global events can impact consumer costs at home. The Consumer Price Index reported that nearly three-quarters of the monthly rise in consumer product prices was due to a sharp increase of 21.2% in gasoline prices, which contributed to an overall monthly energy index rise of 10.9%. The food index remained unchanged for the month, while shelter costs went up by 0.3%.
Excluding volatile food and energy categories, the core index increased by 0.2% for March—the same as February—indicating broader but less dramatic price changes across other goods and services such as airline fares, apparel, household furnishings and operations, education, and new vehicles. Meanwhile, indexes for medical care, personal care items, and used cars and trucks declined over the month.
On an annual basis ending in March, the core index excluding food and energy rose by 2.6%. Shelter costs have increased by 3%, with notable rises also seen in medical care (up 3.1%), household furnishings (up 4%), airline fares (up nearly 15%), and recreation (up just over two percent). Energy overall climbed more than twelve percent year-over-year; fuel oil soared more than forty-four percent compared to last March; gasoline jumped almost nineteen percent; electricity rose five percent; and utility piped natural gas was up about four-and-a-half percent.
According to the official website of the New Jersey Business and Industry Association (NJBIA), it is recognized as the nation’s largest statewide employer association representing employers across various sectors throughout New Jersey. The association advances competitive excellence among its members while delivering essential information and services.NJIBA also facilitates partnerships among businesses, government entities, and academic institutions,according to its website, offering advocacy initiatives along with practical information and cost-saving benefits designed to support business prosperity.Michele Siekerka serves as president and chief executive officer.
Stock market reaction following release of these figures was mixed: Nasdaq and S&PÂ 500 moved higher during Friday morning trading while Dow Jones Industrial Average fell.
