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.
List of 10 Women Model Police Officers in Anti
ACWF President Stresses the Role of Women, Women's Federations in COVID
Premier League to introduce semi
ABC News president Kim Godwin steps down
ACWF President Stresses the Role of Women, Women's Federations in COVID
Pic Story: Illiterate Granny Becomes Writer in Twilight Years
Asian Winter Games to bring new development opportunities to Harbin
Zendaya wows in a glamorous vintage backless dress as she attends Anna Wintour's star
MCA, ACWF Promote Harmony Within Families
Closing prices for crude oil, gold and other commodities
ACWF President Meets Poverty Fighting Women Role Models