The gas price shock has shifted inflation's trajectory, from a slow, gradual decline to a sharp increase further away from the Fed’s 2% target.

The gas price shock has shifted inflation's trajectory, from a slow, gradual decline to a sharp increase further away from the Fed’s 2% target.

Gasoline prices surged by 21.2% between February and March – the largest monthly increase since the the government began publishing a gasoline price index in 1967.