Inflation soars in US following increase in gas prices
Official data shows people in the United States continue to suffer inflationary pressures in March following the increase in the price of gasoline.
Figures released by US Labor Department on Friday indicated a 0.3 percent rise in the rate of inflation in March compared to February's 0.4 percent.
Gasoline prices rose 1.7 percent in March in comparison with a 6.0 percent surge in February. Prices, nevertheless, rose across all items in the March consumer price index (CPI) basket.
Federal Reserve Chairman Ben Bernanke acknowledged that rising gas prices have worsened inflation, but maintained that the increases are not likely to last.
The rise in gas prices in the United States follows a global hike in crude prices.
The surge came after Iran cut oil sales to some European countries in response to the European Union's oil embargo on the Islamic Republic.
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