The US Consumer Price Index jumped by 0.9% in March, marking the largest increase since June 2022 when prices rose due to the Russia-Ukraine war. Consumer prices rose 0.3% in February. However, there are concerns that a prolonged conflict in the Middle East could undermine the labor market. The U.S.-Israeli war with Iran has resulted in a surge in global crude oil prices, with the national average retail gasoline price breaking above $4 a gallon for the first time in over three years. The rise only reflects the immediate effects of the oil price shock. The Consumer Price inflation has also been driven by businesses passing on some of Trump's broad tariffs.