Surging gas prices just hit a significant milestone | Business [Video]

Gas price inflation is back.

For the first time since late last year, prices at the pump are now higher on a year-over-year basis. It’s a trend that industry experts expect to continue in the coming weeks and months, especially if Russian oil facilities continue to get hit by drone attacks.

This is an unwanted development for consumers heading into the spring. It’s also a problem for White House and Federal Reserve officials hoping to declare victory over inflation.

The recent jump in gas prices is already causing headaches on the inflation front. Gas was the main culprit behind last week’s hotter-than-expected consumer price index and a disappointing wholesale inflation report.

All of this is casting doubt on whenthe Fed will be able to start cutting interest rates. Hopes for a March rate cut have faded, and investors are …