U.S. inflation rose to 3.3% in March, driven largely by a sharp surge in energy and gasoline prices following a global supply shock. While core inflation remained relatively contained; the White House characterized the spike as temporary.

Inflation surged to its highest level in nearly two years in March as the headline Consumer Price Index reached 3.3% year-over-year.

The Consumer Price Index (CPI) regularly measures the change in the prices paid by consumers in the U.S. for a representative basket of goods and services.

U.S. inflation surged in March as the effects from the Iran war hit consumer wallets: The Consumer Price Index rose 0.9%, the biggest monthly increase since 2022, while the annual measure climbed to its highest level in two years.

CNBC's Rick Santelli reports on the March CPI data, which met the Dow Jones consensus estimate of 3.3%.

The US Federal Reserve's interest rate decisions, whether to cut, raise, or keep rates between 3.5% and 3.75%, in the FOMC meeting in late April, are major worries for global market participants.

The oil shock contributed to an extremely high headline CPI number,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management.

March CPI inflation jumped as oil prices soar amid the Iran war, but core CPI was relatively tame. The S&P 500 has a seven-session winning streak.