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. |
The best beaches in the world for 2024 ranked by TripadvisorAfter Berlin, Zelensky signs French security pact amid Navalny shockBlooming wonderful: Britain's best springtime escapes, from award'This HAS to be the world's best businessGaza's Nasser hospital: Fears for patients as Israeli raid continuesAs the Glastonbury 2024 lineup is announced, AI reveals the ultimate headlinersMy widowed 77Globetrotting couple share stunning photos from visits to 75 countriesA nation of explorers? Poll reveals that nearly a quarter of Brits have never even visited SCOTLANDI discovered that living in this five