Goldman Sachs Research previews the US March CPI report on Friday.

"We expect a sharp increase in energy prices to contribute to a 0.87% rise in the headline CPI in March.

• Our forecast implies a large increase in year-over-year headline CPI inflation from 2.43% to 3.28%.  Energy prices are likely to rise sharply again in April, taking headline CPI inflation to around 4%," GS notes.

• "We forecast a 0.28% increase in the core CPI, which would raise the year-over-year rate to 2.69%.  We expect the impact of higher oil prices to show up in a 4% increase in airfares, and we expect roughly 0.03pp worth of tariff effects this month," GS adds.