Consumer prices in the US rose 3.5% in March compared to a year ago, accelerating from the previous month and reversing progress made in the fight against inflation. Despite a decrease from the peak of 9%, inflation remains higher than the Federal Reserve's target rate of 2%. Housing and gasoline prices have contributed to the elevated inflation, while economic performance has been strong.
Consumer prices rose 3.5% in March compared to a year ago, accelerating markedly from the previous month and reversing some of the progress achieved in a two-year fight to cool inflation, U.S. Bureau of Labor Statistics data showed. The finding matched economists' expectations.
More than half of the monthly increase in consumer prices owed to an uptick in gasoline and housing costs, the BLS said. Beef prices, however, increased at more than double the pace of overall inflation over the past year.to keep rates highly elevated in response to stubborn inflation. The Fed Funds rate remains between 5.25% and 5.5%, matching its highest level since 2001.
In recent days, some business leaders and policymakers have voiced concern about the outlook for inflation.that a host of factors, including government spending and global trading shocks, could make the final leg of inflation's path down to normal levels much more difficult than many observers expect.
Consumer Prices Inflation US Economy Federal Reserve Housing Prices Gasoline Prices Economic Performance
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