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Gas Price Surge Adds 20% to Inflation, Fueling Consumer Pain

New York Times Business •
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Since February 28th, gas prices have surged 20% following U.S. and Israeli strikes pushing oil higher, though CPI data won't capture this yet. The national average now stands at $3.58, up 11 consecutive days, straining household budgets where fuel is essential. Sedans paying $36 to fill tanks pre-conflict now cost $43, while SUVs face even steeper hikes. California leads at $5.34 per gallon, contrasting sharply with Kansas' $3.01, as pump prices typically trail oil by days.

This persistent rise will worsen inflation, impacting spending power despite recent oil retreats.