Oil prices spiked in early 2022 with Brent crude at approximately $130 per barrel due to the Russian invasion of Ukraine. Although a general downward trend began in late 2022, oil prices rebounded in 2023 due to Middle East turbulence and OPEC production cuts before declining in 2024 and 2025. Brent crude fell to approximately $75 per barrel at the end of 2024 and $62 per barrel to close out 2025. That trend reversed in 2026 due to the U.S. war in Iran. Since the start of the year, the price of Brent crude approximately doubled to over $125/barrel in early April while gas prices soared to over $4 per gallon.
Brent Crude (Europe) Oil Price vs. WTI Crude Oil Price (U.S.) vs. U.S. Gas Prices January 2021-April 6, 2026 (Sources: .S. Energy Information Administration via Federal Reserve Economic Database)
Inflation Inflation was 3.3% for the 12 months ended March 2026, but the spike in March energy prices caused by the Iran war led to a 0.9% surge in inflation just for the month of March. Overall energy prices spiked in March, rising 10.9% led by sharp increases in fuel oil (30.7%) and gas (21.2%). The one-month rise in gas was the largest since 1967 when monthly price changes were first published. Rising oil and energy prices can have a rippling effect through the U.S. economy, increasing not only gas prices, but also manufacturing costs, agricultural costs, shipping costs and travel prices. The rippling effect will take some time to filter through the economy, but rising price fuel and gas prices does not bode well for future product and service prices. For the 12-months ended March, overall food prices rose 2.7% with consumers particularly stressed by significant increases in several food products. Meat, poultry, and fish prices were up 5.6%, fruits and vegetables increased 4.0%, and coffee skyrocketed 18.1%. Transportation prices bumped up 0.6% in March alone, a refection of rising fuel costs. For the 12-months ended March, transportation prices rose 4.1%, with price increases of greater than 3% for household furnishings and supplies (3.6%), medical care services (3.7%), and apparel (3.4%). Shelter increased 3.0%. Listed below is the one-month price change for February and March for selected expenditure categories, as well as the price change for the 12-months ended March 2026.
Central Wisconsin Report - Spring 2026
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