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Gasoline prices are spiking. That's a problem for Powell and the Fed | CNN Business

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Prices at the gas pump are suddenly surging, causing headaches for consumers and central bankers alike.

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. A lasting spike in food and fuel prices would unravel progress on the inflation front, potentially forcing the Federal Reserve to continue raising interest rates. The national average price for a gallon of regular gasoline climbed to a three-month high of $3.69 on Wednesday, according to AAA.

“If we’re going to have a one and done, we’re going to have to see inflation to cool. And that’s contingent on commodity prices,” said Joe Brusuelas, chief economist at RSM. Brusuelas said rising food and fuel prices would be problematic. “That could really unnerve policymakers,” he said.

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