Inflation showed little signs of letting up in March, with a key barometer the Federal Reserve watches closely showing that price pressures remain elevated.
The personal consumption expenditures price index excluding food and energy increased 2.8% from a year ago in March, the same as in February, the Commerce Department reported Friday.
Including food and energy, the all-items PCE price gauge increased 2.7%, compared to the 2.6% estimate.
The Fed targets 2% inflation, a level that core PCE has been above for the past three years.
Services prices increased 0.4% on the month while goods were up 0.1%, reflecting a swing back in consumer prices as goods inflation dominated since the early days of the Covid pandemic.
Persons:
Dow Jones, George Mateyo
Organizations:
Reserve, Commerce Department, Dow, Treasury, Key Wealth, Fed, Labor Department