Published on 12 Apr 2024 on Zacks via Yahoo Finance
U.S. inflation jumped in March, surpassing expectations primarily due to higher petrol and shelter costs, dashing hopes of a June interest rate cut by the Fed. The U.S. consumer price index (CPI) rose by 0.4% sequentially, exceeding estimates from Wall Street.
Over the 12-month period ending in March, the CPI recorded a 3.5% year-over-year increase, marking the largest gain in six months since September 2023. This follows a 3.2% rise in February 2024.
Core prices, which exclude volatile food and energy costs, rose 3.8% from the previous year, maintaining the same year-over-year rise as observed in February.