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:
Related suggestion:
Chinese ballet to illuminate Dutch stadium'Flying Apsaras' takes flight in Beijing, set for nationwide tourRolling Stones show no signs of slowing during latest tour in TexasSri Lanka expresses hope to join BRICS+Foreign diplomats impressed by traditional culture, high8th Aswan int'l women film festival opens in EgyptPopular Chinese crosstalk comedians bring laughter, cultural charisma to LondonUN Chinese Language Day celebrated in TunisiaChinese defense minister holds video call with US counterpartWho is Humza Yousaf's wife Nadia El
3.4184s , 6497.6640625 kb
Copyright © 2024 Powered by Fed's preferred inflation gauge shows price pressures stayed elevated last month ,Worldly Wisdom news portal