CONSUMER PRICES ROSE 3.5 PERCENT FROM A YEAR AGO IN MARCH MORE THAN ANTICIPATED
"Inflation Accelerated In March For The Third Straight Month Due To A Jump In Costs For Gasoline & Rent."
Wednesday, April 10, 2024, 9:30 A.M. ET. By George Petruska: Englerook Independent News,
WASHINGTON, DC.- According to The U.S. Labor Department, The Consumer Price Index accelerated at a faster pace than expected in March, increasing inflation higher and will likely keep The Federal Reserve on hold with interest rates.
The Consumer Price Index, a broad measure of the price of everyday goods including Gasoline, Groceries, and Rent rose 0.4 Percent in March from the previous month. Prices climbed 3.5 Percent from the same time last year, above the 3.2 Percent recorded in February.
Economists surveyed by Dow Jones had been looking for a 0.3 Percent gain and a 3.4 Percent Year-Over-Year Level.
Excluding volatile food and energy components, the core Consumer Price Index also accelerated by 0.4 Percent on a monthly basis while rising 3.8 Percent from a Year Ago, compared to the respective estimates for 0.3 Percent and 3.7 Percent Annually.
The report indicates that while inflation has fallen from a peak of 9.1 Percent, it still remains well above The Federal Reserve's target of 2.0 Percent.
The High inflation has continued to create Severe Financial Hardships for The Majority of U.S. Households, which have been forced to pay more for everyday needs like Rent and Food. The Burden has hit Low-Income Americans much harder, whose already stretched paychecks are more affected by price fluctuations.
FILED UNDER: APRIL 10, 2024: NATIONAL, LOCAL, FINANCE: