US March CPI signals renewed inflation pressure: headline CPI jumps to 3.3% YoY, 0.9% MoM; core eases to 0.2% MoM, 2.6% YoY

US inflation picked up in March, led by a sharp rise in energy costs. Headline CPI accelerated to 3.3% year over year from 2.4% and rose 0.9% on the month. Core CPI was softer than expected, increasing 0.2% month over month and 2.6% year over year. Energy was the main driver, with prices up 10.9% and gasoline surging 21.2%. Markets moved quickly after the release: stocks rose, the US dollar strengthened, Treasury yields climbed and gold fell.