The Iran war is already spiking inflation
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The Iran war has pushed up gasoline, airline fares and other prices for consumers.
The consumer price index is forecast to rise a sharp 0.9% in March, according to economists surveyed by The Wall Street Journal. It would be the biggest increase since June 2022 during the height of the Russian war on Ukraine.
Inflation just hit a two-year high, but Bitcoin (CRYPTO: BTC) rallied instead of crashing. The March CPI report came in at 3.3%, almost entirely driven by surging oil and gasoline prices from the Iran war,
With higher fuel prices, retail inflation based on Consumer Price Index (CPI) is likely to have surged between 3.5 and 4 per cent in March. It was 3.2 per cent in February.