In this episode of J.P. Morgan’s Making Sense, global economist Maia Crook is joined by senior U.S. economist Mike Hanson to break down the March CPI report. They discuss the energy-driven jump in headline inflation, why core inflation may remain firm and signs of tariff pass-through. The conversation also explores why CPI and the Fed’s preferred Personal Consumption Expenditures (PCE) measure are sending different signals, how that gap could shape Fed policy and how the Iran conflict may influence the global inflation outlook.

This episode was recorded on April 13, 2026.

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Inflation in focus: Unpacking the March CPI report

Making Sense