US stocks fell sharply Wednesday after inflation data for March came in higher than expected.
The blue-chip Dow closed 422 points, or 1.1% lower. The S&P 500 lost 1% and the tech-heavy Nasdaq Composite fell by 0.8%. US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months.
That rate has more than doubled since Tuesday. Minutes from the Federal Reserve’s March meeting, meanwhile, showed that some Fed officials fretted over inflation remaining stubbornly high. Central bank officials “observed that significant progress had been made over the past year,” despite disappointing inflation readings for January and February, but some “noted that the recent increases in inflation had been relatively broad based,” according to the minutes, released on Wednesday afternoon.
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