Fed's preferred inflation gauge shows price pressures stayed elevated last month
Time:2024-05-08 13:32:04 Source:entertainmentViews(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:Senators hire Travis Green as coach. Green leaves the Devils after serving in an interim role
Next:Andy Ibáñez homers twice, Ryan Vilade gets first MLB hit, RBIs as Tigers outslug Guardians 11
You may also like
- Mother throws her disabled six
- From the fabulous 'Elvis Dress' to the velvet gown she wore dancing with Travolta
- Doctor reveals shocking theory behind why you suddenly need to use the toilet during shopping trips
- Lady Tatiana Mountbatten
- Georgia governor signs new election changes into law
- TikTok crackdown bill unanimously approved by US House panel
- Why do so many leading royals
- WorkSafe interim chief executive Steve Haszard resigns months into job
- Badosa shows signs of her old form in a win over Andreeva at the Italian Open