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Story summary
- The Commerce Department reported a 3.3% year-over-year rise in consumer prices for March, attributed mainly to higher oil prices after Iran closed the Strait of Hormuz.
- Many analysts link this inflation spike to oil costs.
- Economist Steve Hanke argues that excessive money-supply growth, not oil, drives inflation, citing Japan's 1970s experience and warning that the United States faces persistent inflation as banks expand money supply.
