US consumer price gains slow; underlying inflation still hot – Reuters.com
- Date: 12-Apr-2023
- Source: Reuters
- Sector:Retail
- Country:Saudi Arabia
US consumer price gains slow; underlying inflation still hot – Reuters.com
WASHINGTON, April 12 (Reuters) - U.S. consumer prices barely rose in March as the cost of gasoline declined, but stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the Federal Reserve will raise interest rates again next month.
The Consumer Price Index (CPI) climbed 0.1% last month after advancing 0.4% in February, the Labor Department said on Wednesday. In the 12 months through March, the CPI increased 5.0%, the smallest year-on-year gain since May 2021. The CPI rose 6.0% on a year-on-year basis in February.
The annual CPI peaked at 9.1% in June, which was the biggest increase since November 1981, and is subsiding as last year's large rises drop out of the calculation. Inflation by all measures remains more than double the Fed's 2% target.
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