BREAKING: Consumer prices rose at more moderate pace in March
There was also some relief for consumers as prices fell outright for some items including used cars and trucks.: The Federal Reserve has been raising interest rates rapidly for the past year in an effort to slow inflation.
There appeared to be signs that price gains were beginning to cool at the end of 2022. However, data this year has been hotter than expected, forcing officials to consider whether rates need to go even higher. The Fed is closely watching price pressures in the services sector, which is more likely to pass along higher labor costs to consumers closely — a dynamic that would allow inflation to become more deeply embedded in the economy.
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