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
California congressman urges closer consultation with tribes on offshore wind
A congressman who represents California’s north coast has sent a letter to federal regulators asking2024-05-21- This is the moment one half of a suspected serial dine and dasher couple is confronted by a taxi dri2024-05-21
‘Kraven the Hunter’ release delayed until December
The summer movie season may kick off next weekend, but the release calendar is still a work in progr2024-05-21Iran commutes a tycoon's death sentence to 20 years in prison
TEHRAN, Iran (AP) — Iran’s judiciary said Tuesday that it commuted a death sentence for a tycoon to2024-05-21- LOS ANGELES (AP) — Shohei Ohtani’s first walk-off hit for the Los Angeles Dodgers was also his first2024-05-21
Brit living in California shares how expensive it really is to live there
A British woman who lives in Los Angeles revealed the shocking price difference between her apartmen2024-05-21
atest comment