The recent rise in U.S. gasoline prices is driving up inflation higher than expected, complicating the Fed’s monetary easing plans and President Joe Biden’s task to convince voters his Administration is winning the fight on the economy front. The latest U.S. consumer price reading from Tuesday showed inflation rose more than anticipated on the back of a surge in gasoline prices. Granted, gas prices in the U.S. are now slightly lower than they were at this time last year.
“Much of the seasonal rise that happens this time of year is a culmination of refinery maintenance, the switch to summer gasoline, and rising demand,” said Patrick De Haan, head of petroleum analysis at GasBuddy. The current rise in gas prices is normal for this time of year, but it is still being felt by consumers/voters. U.S. inflation rose by 3.2% over the last 12 months to February, data from the Labor Department showed on Tuesday.
Source: Financial Digest (financialdigest.net)
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