Economic conditions & trends

US Inflation Hits 3.3% in March

Is the Iran war triggering a devastating inflation crisis or just a temporary economic shock that will fade?

Published 2 hours ago

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Above: Gas prices are displayed in Brentwood, Tennessee, on April 3. Image credit: Camden Hall/NurPhoto/Getty Images

The Spin

Establishment-critical narrative

The Iran war is hammering American wallets hard. Gasoline shot up 21.2% in March, the biggest monthly spike since records began in 1967, and overall inflation hit 3.3%, the highest in nearly two years. Consumer confidence cratered to its lowest level ever recorded, worse than the Great Recession or the COVID pandemic. This economic pain is real, widespread and getting worse.

Faisal Islam on X CNN Guardian

Pro-establishment narrative

The inflation picture is nowhere near as dire as the panic suggests. Core CPI came in at 2.6%, actually below expectations, and underlying inflation remains tame. The energy spike is a short-term war shock, not a structural problem, and gas prices are expected to plummet once the conflict ends. The breadth of inflation today looks no worse than the pre-2008 boom years.

Daniel Lacalle on X

Robin Brooks on Substack

Eric Daugherty on X