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.
Skye Wheatley hosts reunion with her I'm A Celebrity co
Miao People Participate in Traditional Dancing Activity in SW China's Guizhou
People Have Fun During Spring Festival Holiday
Tourists Take Part in Lantern Parade to Celebrate Chinese New Year in E China's Anhui
Palace rout demoralized Man United 4
TCM Treatment in Tangshan, N China
Various Folk Cultural Activities Held to Welcome Upcoming Lantern Festival in China
Activities Held to Celebrate Upcoming Latern Festival Across China
Trump faces jail threat over gag order as prosecutors zero in on transactions at heart of the case
Innovation and Development Demonstrated During Boao Forum
Analysis: Lando Norris win shows McLaren is ready to return to global motorsports prominence
Tibetan New Year Marked with Joy and Hope