In March, inflation continued to rise, according to the economic data closely monitored by the Federal Reserve, despite a year’s worth of interest rate hikes.
Why is it important? Inflation levels remaining above the central bank’s target indicate that price increases are more persistent than policymakers anticipated, potentially impacting economic growth and future monetary policy decisions.
Details: The core PCE (personal consumption expenditures price index excluding food and energy) increased by 0.3% in March and 4.6% annually, slightly above the expected 4.5% and down 0.1% from February.
Headline PCE, which includes volatile food and energy components, rose by 0.1% for the month and 4.2% annually, down from 5.1% in February. Consumer spending remained flat as personal income increased by 0.3%. The employment cost index, another key inflation measure for the Fed, rose 1.2% in Q1, higher than the 1% estimate.
The Fed has raised interest rates nine times since March 2022, and markets anticipate another quarter percentage point increase at the upcoming Federal Open Market Committee meeting.
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