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
Kylie Jenner and longtime pal Rosalia arrive back at the Mark Hotel in NYC hand
Kylie Jenner and Rosalia showed their friendship is going strong as they arrived hand-in-hand The Ma2024-05-08Alleged homicide suspect fatally shot by police in San Francisco Bay Area
OAKLAND, Calif. (AP) — A man linked to a homicide investigation in California’s capital was fatally2024-05-08Philadelphia Eagles want draft picks to play well, do the right thing and retire with the franchise
PHILADELPHIA (AP) — Howie Roseman wants Philadelphia Eagles draft prospects to take a lesson out of2024-05-08California governor pledges state oversight for cities, counties lagging on solving homelessness
SAN FRANCISCO (AP) — Nearly $200 million in grant money will go to California cities and counties to2024-05-08Louisiana lawmakers reject adding exceptions of rape and incest to abortion ban
Despite pleas from Democrats and gut-wrenching testimony from doctors and rape survivors, a GOP-cont2024-05-08China completes construction of record
The photo taken on March 12, 2024, shows the construction site of the Haiji-2 deepwater jacket struc2024-05-08
atest comment