The Consumer Price Index rose 0.4% to a year-over-year increase of 1.9%, due in part to a spike in gas prices–which are up 6.3% from January 2017. Compared to a few years back, of course, it’s still a bargain at the pump. I think that I’m paying about half of what I was to sink 20 gallons of premium into my SUV back in 2013. So you won’t hear any complaints from me right now.
In broader terms though, higher oil and gas prices lead to higher costs to produce and distribute goods, and that means inflation. Moderated inflation is what the Fed is looking for before raising rates again, but I believe that it will take more several months (and many more signs of increasing costs) before the Fed has sufficient argument to make a move of any kind.