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Consumer prices increase in March

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Consumer prices increase in March

Second straight month of rising prices.

Largely driven by increased gasoline and shelter prices, the Consumer Prices Index increased on a seasonally adjusted basis by 0.2% in March, according to the U.S. Bureau of Labor Statistics. This is the second monthly increase in a row, with the CPI rising the same amount in February.

Analysts had expected an increase of 0.3%.

Over the last 12 months, the index has fallen 0.1%.

The index for all items less food and energy, known as “core” CPI, increased 0.2%, following identical increases in February and January.

Core CPI has increased 1.8% over the last 12 months.  

The increase in consumer prices would appear to gives added strength to the Fed’s plan to raise interest rates later this year, although inflation has yet to hit the 2% target set out by the central bank.

 

 

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