U.S. consumer prices increased by the most in 14 months in March, but the underl...
WASHINGTON - U.S. consumer prices increased by the most in 14 months in March, but the underlying inflation trend remained benign against the backdrop of slowing domestic and global economic growth.
“The report will only encourage the Fed to stay parked on the sidelines, awaiting clearer direction on inflation and the economy,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. The dollar was little changed against a basket of currencies, while U.S. Treasury prices rose slightly. Stocks on Wall Street were trading mostly higher.
“The new price collection methodology for apparel incorporates corporate data from one unidentified department store to complement prior survey-based collection,” said Kathy Bostjancic, head of U.S. Macro Investor Services at Oxford Economics in New York. “The new methodology appears more likely to show large monthly declines due to the lifecycle of apparel.”
Inflation has remained muted, with wage growth increasing moderately despite tightening labor market conditions. In a statement accompanying last month’s interest rate decision, the central bank described inflation as having “declined” on an annual basis “as a result of lower energy prices.” A 3.5 percent jump in energy prices in March accounted for about 60 percent of the increase in the CPI last month. Gasoline prices surged 6.5 percent, the biggest gain since September 2017, after rising 1.5 percent in February.
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