Fed's preferred inflation gauge shows price pressures stayed elevated last month
WASHINGTON (AP) — A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid.
Friday’s report from the government showed that prices rose 0.3% from February to March, the same as in the previous month. It was the third straight month that the index has run at a pace faster than is consistent with the Fed’s 2% inflation target. Measured from a year earlier, prices were up 2.7% in March, up from a 2.5% annual rise in February.
After peaking at 7.1% in 2022, the Fed’s favored inflation index steadily cooled for most of 2023. Yet so far this year, the index has remained stuck above the central bank’s target rate. More expensive gas and higher prices for restaurant meals, health care and auto repairs and insurance, among other items, have kept the overall pace of price increases elevated.
Related articles
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
WICHITA, Kan. (AP) — Fast-moving storms with strong winds, large hail and apparent tornadoes swept O2024-05-21- CHENNAI, India (AP) — Marcus Stoinis’ century canceled out Ruturaj Gaikwad’s hundred as Lucknow Supe2024-05-21
Woman charged with murder in crash that killed young brother and sister at birthday party
A Michigan woman was arraigned Tuesday on second-degree murder and other charges after prosecutors s2024-05-21QB Bryce Young excited about 'new faces' in Carolina after team's 2
CHARLOTTE, N.C. (AP) — The Carolina Panthers spent more than $150 million upgrading their offensive2024-05-21Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
WICHITA, Kan. (AP) — Fast-moving storms with strong winds, large hail and apparent tornadoes swept O2024-05-21Juventus requires a late goal to beat Lazio 3
ROME (AP) — A late goal that Timothy Weah set up for Arkadiusz Milik earned Juventus a spot in the I2024-05-21
atest comment