UNR Professor Breaks Down March Consumer Price Index Report

Inflation reaches 3.3% annually, with a 0.9% monthly increase driven by rising gas and diesel prices.

Apr. 18, 2026 at 12:20am

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A vibrant abstract illustration composed of overlapping triangles and rectangles in shades of red, blue, and yellow, conceptually representing the rapid rise in consumer prices.Soaring inflation rates spark economic uncertainty and consumer anxiety across Nevada.Reno Today

A recent report from the Bureau of Labor Statistics shows the annual rate of inflation in the United States reached 3.3% in March, up from 2.4% in February. The monthly inflation rate was measured at 0.9%. Dr. Elliott Parker, an economics professor at the University of Nevada, Reno, attributes the rapid spike to rising gas and diesel prices, as well as the impact of tariffs on consumer goods.

Why it matters

Nevada is one of the least affordable states to live in due to its heavy reliance on the tourism and hospitality industries. The surge in inflation is putting significant pressure on Nevadans' cost of living, with higher prices at the pump and in grocery stores. This economic uncertainty is also impacting consumer confidence nationwide.

The details

According to Dr. Parker, the jump in consumer prices seen in March would translate to a 10% annual inflation rate if it were to continue for 12 months. He points to the rise in oil prices from around $60 per barrel to over $100 per barrel as a key driver, leading to a $1 increase in gas prices. On the West Coast, Nevadans are paying about $1.50 more per gallon of gas than the rest of the country, and the higher costs of diesel are also contributing to increased prices across the board, including in grocery stores.

  • The annual inflation rate reached 3.3% in March, up from 2.4% in February.
  • The monthly inflation rate was measured at 0.9% in March.

The players

Dr. Elliott Parker

A professor and Chair of Economics at the University of Nevada, Reno, who provided analysis on the recent Consumer Price Index report.

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What they’re saying

“If the jump that happened in March, in consumer prices, were to happen for 12 months in a row, that would result in a 10% inflation rate. Now, if you just go back a year and say, 'Well, how does this compare to a year ago, then that would be about 3.5% inflation rate, which is significantly above the Federal Reserve's target of 2%.”

— Dr. Elliott Parker, Professor and Chair of Economics, University of Nevada, Reno

“Whenever oil prices go up by $10 a barrel, then you see gas prices tend to go up by about 25 cents a gallon. So what we saw was that oil prices went from about $60 a barrel worldwide to over $100 a barrel, at one point, to $110. The result of that was a dollar increase in the price of gas.”

— Dr. Elliott Parker, Professor and Chair of Economics, University of Nevada, Reno

“We are hit harder by that, but that is also going to mean higher prices in the grocery store because we are more dependent on those trucks that come over the pass to fill our grocery stores. We are paying California prices, plus the extra transportation costs and then we are earning incomes that are on average much less than what they make in California.”

— Dr. Elliott Parker, Professor and Chair of Economics, University of Nevada, Reno

What’s next

The Federal Reserve could make adjustments to interest rates soon in an effort to curb the rising inflation, according to Dr. Parker.

The takeaway

The surge in inflation, driven by skyrocketing gas and diesel prices as well as the impact of tariffs, is putting significant strain on Nevadans' cost of living. This economic uncertainty is also contributing to a drop in consumer confidence nationwide, highlighting the need for policymakers to address these challenges.