U.S. consumer prices increased by the most in 14 months in March, but underlying...
WASHINGTON - U.S. consumer prices increased by the most in 14 months in March, but underlying inflation remained benign against the backdrop of slowing domestic and global economic growth.
The Labor Department said on Wednesday its Consumer Price Index rose 0.4 percent, boosted by increases in the costs of food, gasoline and rents. That was the biggest advance since January 2018 and followed a 0.2 percent gain in February. The Fed, which has a 2 percent inflation target, tracks a different measure, the core personal consumption expenditures price index, for monetary policy.
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.”The Fed also noted that survey-based measures of longer-term inflation expectations were little changed.
Food prices gained 0.3 percent after accelerating 0.4 percent in February. Food consumed at home increased 0.4 percent. Consumers also paid more for rent. Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, increased 0.3 percent in March after a similar gain in February.
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