Headline Roundup • April 10th, 2024
Inflation Rose Again in March
Summary from the AllSides News Team
U.S. inflation accelerated more than expected in March, according to government data on the Consumer Price Index (CPI).
The Details: On average, prices of goods and services across the economy measured in the CPI rose 0.4% from February and 3.5% from a year ago. Economists surveyed by Dow Jones had expected gains of 0.3% and 3.4%, respectively. Continued price hikes for shelter and gasoline pushed the CPI higher. It's the third month in a row that inflation's pace trumped expectations.
For Context: March's positive jobs report stoked optimism that the Federal Reserve may soon cut interest rates, but the new inflation data may dampen those hopes.
How the Media Covered It: Outlets across the spectrum highlighted rising gas and shelter costs. CNBC (Center bias) said the data suggests "that inflation is staying stubbornly higher and likely keeping the Federal Reserve on hold with interest rates." CNN Business (Lean Left) said "rising gas prices and stubbornly high shelter costs have stalled some of the progress made on slowing inflation." Fox Business (Lean Right) said the report shows "the challenge of taming price pressures within the economy."
Featured Coverage of this Story
Angus Mordant/Bloomberg/Getty Images
Rising gas prices and stubbornly high shelter costs have stalled some of the progress made on slowing inflation.
US consumer prices picked up again last month, marking a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.
That jumps from February’s 3.2% rate and marks the highest annual gain in the past six months, highlighting how the path to lower inflation remains bumpy.
On a monthly basis, prices were unchanged from February’s 0.4% gain.
...The consumer price index increased at a faster than expected pace in March, indicating that inflation is staying stubbornly higher and likely keeping the Federal Reserve on hold with interest rates.
The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%. Economists surveyed by Dow Jones had been looking for a 0.3% gain and a 3.4% year-over-year level.
Excluding volatile food and energy components, core CPI also accelerated 0.4% on a monthly basis while rising...
Inflation accelerated in March for the third straight month thanks to a jump in the cost of gasoline and rent, underscoring the challenge of taming price pressures within the economy.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.4% in March from the previous month. Prices climbed 3.5% from the same time last year, above the 3.2% figure recorded in February.
Both of those figures came in higher than the 0.3% monthly increase and 3.2%...
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