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. |
Former WWE star 'Shooter' Tony Jones dead at 53 as tributes pour in to 'a true legend'From yak dung to solar panels, Tibetans embrace modern heatingPrehistoric ruins dig into caveEthnic village thrives on tourismShanghai sculpture show sees Rodin, Sanxingdui in dialogueShutterbug in northeast China records growing winter sport popularityXinjiang aquatic products ascend to world's dinner tableScheffler turns the Masters into another Sunday yawner with a dominating winTourists to Yunnan can wake up and smell the coffeeShanghai sculpture show sees Rodin, Sanxingdui in dialogue