Fed's preferred inflation gauge shows price pressures stayed elevated last month
Time:2024-04-27 07:16:21 Source:styleViews(143)
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.
Previous:Mississippi legislative leaders swap proposals on possible Medicaid expansion
Next:Google plans to invest $2 billion to build data center in northeast Indiana, officials say
You may also like
- Horrifying moment mother thought her five
- Young Workers Head to Classes After the Sun Sets
- China Focus: 'Village Galas' Proving a Driving Force in Rural Revitalization
- China's top political advisor meets Nepal's FM
- At least 70 people killed by flooding in Kenya as more rain is expected through the weekend
- World Insights: Youth, Education Exchanges 'Big Part of Way Moving China
- Schools in China's Quake
- Shanghai Weighs Options to Tackle Birthrate Decline
- Baby Reindeer actress Nava Mau, who plays Richard Gadd's transgender ex