A key inflation index closely followed by the Federal Reserve remained high, keeping the Fed on track to raise interest rates next week. The index, which excludes food and energy costs, rose 0.3% from February to March and 4.6% from a year earlier.
File - A potential buyer looks over an 2023 Cooper S sedan on the floor of a Mini dealership Friday, Feb. 17, 2023, in Highlands Ranch, Colo. On Friday, the Commerce Department issues its March report on consumer spending. File - A potential buyer looks over an 2023 Cooper S sedan on the floor of a Mini dealership Friday, Feb. 17, 2023, in Highlands Ranch, Colo. On Friday, the Commerce Department issues its March report on consumer spending.
The index, which excludes volatile food and energy costs to capture “core” prices, rose 0.3% from February to March and 4.6% from a year earlier — still far above the Fed’s 2% target rate. Some Fed officials are concerned that core inflation hasn’t declined much since reaching 4.7% in July.
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