The Labor Department is set to release its report on inflation at the consumer level in March, which will be a key factor in the Federal Reserve's decision on interest rates. The report is expected to show a slight cooling of inflation, potentially leading to interest rate cuts.
FILE - Customers drink coffee at the Blind Tiger Cafe Jan. 10, 2024, in Tampa, Fla. On Wednesday, April 10, 2024, the Labor Department issues its report on inflation at the consumer level in March . , a trend the Federal Reserve will weigh in deciding when and by how much — or even whether — to cut interest rates this year.
Early this year, Wall Street traders had projected that the Fed would cut its key rate up to six or seven times in 2024. In March, Fed officials penciled in three cuts. But persistently high inflation readings in January and February — along with signs that economic growth remains healthy — have led several Fed officials to suggest that
A rise in gas prices was a likely key source of last month's inflation. The average national price of a gallon of gas rose about 5% to $3.50. Prices for services — everything from car insurance and hotel rooms to restaurant meals and entertainment — are also believed to have risen. The costs of new and used vehicles, though, are believed to have dropped in March and are expected to hold down inflation in the months ahead. Cars and SUVs still cost much more than they did before the pandemic. But as automakers increase production and replenish dealer inventories, buyers are able to get some deals again.
The costs of groceries, having skyrocketed in 2022 and early 2023, are rising much more slowly now. Food prices were up just 1% in February from a year earlier. Egg prices, though, may jump, with avian flu having re-emerged and forced egg producers to reduce the size of their flocks.
Labor Department Inflation Consumer Level Federal Reserve Interest Rates Report March
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