Consumer price increases remained high last month, boosted by gas, rents, and car insurance, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.
Gas prices are seen at a gas station in Riverwoods, Ill., Monday, April 1, 2024. On Wednesday, April 10, 2024, the Labor Department issues its report on inflation at the consumer level in March. ** FILE …WASHINGTON — Consumer price increases remained high last month, boosted by gas, rents, and car insurance, the government said Wednesday in a report that will likely give pause to thePrices outside the volatile food and energy categories rose 0.
The figures will likely disappoint the White House as well, with Republican critics of President Biden seeking to pin the blame for high prices on the president and use it as a cudgel to derail his re-election bid. Polls show that despite a healthy job market, a near-record-high stock market and the steady drop in inflation, many Americans blame Biden for high prices.’s 2% target.
Overall consumer prices rose 0.4% from February to March, also the same as the previous month. Compared with 12 months earlier, prices rose 3.5%, up from a year-over-year figure of 3.2% in February. The inflation surge that followed the pandemic jacked up the costs of food, gas, rent and many other items. Though inflation has since plummeted from its peak of 9.1% in June 2022, average prices are still well above where they were before the pandemic.officials signaled that they envisioned three rate cuts.
Some other policymakers, though, said that recent data had given them pause. Lorie Logan, president of the Federal Reserve Bank of Dallas, said last week that she thought it was too soon to consider rate cuts.
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