The Consumer Price Index for March, set to be released at 8:30 a.m. Friday, is expected to show that US inflation bolted higher as a direct result of the Middle East war’s energy shock. Economists are estimating that prices leapt 0.9% from February, more than triple the pace seen in January. Such an increase would drive the annual rate of inflation to 3.4% from 2.4%. That would not only put inflation back at a level not seen in nearly two years but it would nearly wipe out Americans’ pay gains of 3.5%. “We’ll definitely see elevated prices eating away at people’s paychecks,” Elise Gould, a senior economist at the ... (full story)