Energy shock lifts Fed’s inflation gauge to 3.5%
TL;DR Summary
March’s PCE price index—the Fed’s preferred inflation gauge—rose 0.7% from February, lifting the annual rate to 3.5% (its highest since May 2023). Core PCE rose 0.3% month over month to 3.2% year over year. The jump was driven largely by higher energy costs linked to the Iran–Israel conflict and shipping disruptions in the Persian Gulf, while consumer spending rose 0.9% in February but inflation left real spending up only 0.2%.
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