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The national average of gasoline prices is now up 32 cents (13%) since last Friday (bottom panel). If these prices hold the rest of the month, the gasoline rise alone will now add 0.4% to headline CPI. Add the Cleveland Fed's estimate that CORE CPI would rise 0.25%, and that March CPI could be 0.6% of 0.7%. This could push March's Y/Y CPI to 3% (January was 2.4%), even higher for PCE.