Annual inflation fell for a ninth-straight month in March.
Annual inflation fell for a ninth-straight month in March—temporarily easing concerns about the future of the Federal Reserve’s tightening campaign as some experts worry lower global oil production and uncertainty over recent bank failures may complicate the path of inflation.The Washington Post via Getty Imagesreleased by the Labor Department on Wednesday, marking the smallest year-over-year increase since May 2021 and coming in better than economists expected after a 6% spike in February.
Rent prices were"by far" the biggest contributor to overall inflation, more than offsetting a decline in energy prices, which decreased 3.5% over the month, the government said. Core inflation, which excludes volatile food and energy prices, rose 0.4% on a monthly basis in March—falling in line with projections but still historically high as prices for car insurance, airplane tickets, furniture and new cars all continued to rise.
Stock futures spiked immediately after the data, with the Dow Jones Industrial Average and tech-heavy Nasdaq erasing early morning losses to trade up 0.7% and 1.2% by 8:45 a.m. ET, respectively.The Federal Reserve has pushed interest rates up to the highest level in 15 years in order to help temper inflation that remains well above the central bank's historical 2% target.
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