US Inflation Rate at 7.9% is highest in last 40 years. Major contributors to inflation has been Energy and Food. US Bureau of Labor Statistics released data. See Pdf.
The recent jump in commodities including energy prices as a result of Ukraine crisis, still has to make its way through the system. so brace for more.
The broader Energy Index had increased by 3.5% in February i.e. before Ukraine invasion and its impact on Energy.
This put Fed in a spot as at least 6 rate rise are have been asserted. But as markets remain in a whirlwind of geopolitical events next Fed raise in rates could be just 25bps despite sharp increase in inflation.