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Yesterday, the national average gasoline price jumped 11.2 cents (bottom panel). This exceeded the largest one-day jump after the start of the Russia-Ukraine War in March 2022 of 10.9 cents. Only the early September 20025 one-day jump of 19 cents was larger. This was when Category 5 Hurricane Katrina tore up oil infrastructure in the Gulf around New Orleans. --- Keep in mind, this is the beginning of the month. So starting the month with a big daily jump in gasoline prices could lead to a huge increase in Energy CPI for March. Will it be rationalized away? Yes. But if you want the Fed to cut rates, things just got a lot more complicated if energy CPI pushes headline CPI to a big number in March.