Inflation picked up slightly in March as Americans saw their paychecks rise and kept up a sturdy pace of spending, according to data released Friday by the Commerce Department.
The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, rose 0.3 percent in March and 2.7 percent over the past year. The monthly inflation rate held firm, as economists expected, while the annual inflation rate ticked 0.1 percentage point higher than predicted by experts.
The March inflation report will likely keep the Fed on track to maintain its baseline interest rate range of 5.25 percent to 5.5 percent at its policy meeting next week.
Inflation has also ticked higher throughout the year as measured by both the PCE price index and the more prominent consumer price index (CPI) published by the Labor Department.
Read more at Thehill.com
What Are Your Thoughts?
