The national average for gasoline prices is now up 20 cents in the last two days. As the bottom panel of the chart below shows, this is the biggest such jump in over two decades. --- Some back-of-the-envelope calculations show what type of impact this might have on inflation: * Gasoline’s latest weight in CPI is 2.91% * Gasoline prices averaged $2.93 in February * As of March 3, gasoline was at $3.20, a 9.2% rise from February’s average If gasoline prices average $3.20 in March, then: * 2.91% (weight) X 9.2% (March increase) = 0.27% * The rise in gasoline ALONE could add 0.27% to March CPI if gas prices stay at current levels throughout the rest of March(Jim Bianco)