US Consumer Price Index rose 0.4% in March, vs 0.3% increase expected
The Labor Department said on Wednesday its Consumer Price Index rose 0.4%, boosted by increases in the costs of food, gasoline and rents. That was the biggest advance since January 2018 and followed a 0.2% gain in February.
Inflation has remained muted, with wage growth increasing moderately despite tightening labor market conditions. The tame inflation environment, together with slowing economic activity, support the Federal Reserve's decision last month to suspend its three-year campaign to raise interest rates. Excluding the volatile food and energy components, the CPI nudged up 0.1%, matching February's gain. In the 12 months through March, the core CPI increased 2.0%, the smallest increase since February 2018. The core CPI rose 2.1% year-on-year in February.
The February and March PCE price data will be released on April 29. The February data was delayed by a 35-day partial shutdown of the federal government that ended on Jan. 25. Energy prices jumped 3.5% in March, accounting for about 60% of the increase in the CPI last month, after gaining 0.4% in February. Gasoline prices surged 6.5% after rising 1.5% in February.
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