The Globe and Mail reports in its Saturday edition that inflation spiked significantly last month, posing challenges for the Federal Reserve. An Associated Press dispatch to The Globe reports that consumer prices rose 3.3 per cent in March year-over-year, up from 2.4 per cent in February -- the largest increase since May, 2024. Monthly prices jumped by 0.9 per cent from February, marking the biggest rise in four years. The first read on inflation reflects the impact of the Iran war, with rising gas prices straining budgets of lower and middle-income households and making it harder to afford things like food and rent. Core prices, excluding food and energy, rose 2.6 per cent in March from a year ago, up from 2.5 per cent in February. Last month, core prices increased 0.2 per cent, indicating rising gas prices have not yet affected other categories significantly. A big question for now is how long the oil and gas price shock lasts and whether it will lead to a broader, long-lasting inflation boost, similar to what occurred in the spring of 2022 after Russia invaded Ukraine. For now, economists say that it is unlikely the U.S. will see a widespread increase similar to a few years ago, when inflation topped 9 per cent.