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
UK weather: Last month was the hottest April on record worldwide since 1940
This April was the hottest worldwide since records began in 1940 – and the 11th successive record-br2024-05-09Songs of celebration hail anniversary
The Forbidden City Concert Hall has announced a series of programs to mark the 25th anniversary of t2024-05-09Egyptian, Chinese students mark UN Chinese Language Day in Cairo
Egyptian students taste Chinese tea during a ceremony to celebrate Chinese Language Day in Cairo, Eg2024-05-09United Methodists prepare for votes on lifting LGBTQ bans and other issues at General Conference
CHARLOTTE, N.C. (AP) — United Methodist delegates are heading into the homestretch of their first le2024-05-09Met Gala 2024: Photos from the Mark Hotel
NEW YORK (AP) — Before guests make it to the Met Gala, there are the red carpets before the carpet —2024-05-09GOP lawmakers in Kansas are moving to override the veto of a ban on gender care for minors
TOPEKA, Kan. (AP) — Republican legislators moved Monday to enact a ban in Kansas on gender-affirming2024-05-09
atest comment