Consumer Prices Jump In March
Consumer prices in the United States increased by more than expected in the month of March.
The Labor Department released the consumer price index for March which increased by 0.6%. Economists were expecting 0.5%.
According to a Reuters article,
“That was the biggest monthly increase in core inflation since a matching 0.4 percent jump in August 2002, and reflected a broad-based pickup in the prices many things, including food, gasoline, clothing, medical care and airline fares.
Prices for U.S. Treasury securities plummeted after the report as investors feared it might induce the U.S. Federal Reserve to boost interest rates more rapidly. The dollar’s value rose immediately after the report because higher interests would make the U.S. currency more attractive to foreigners.”
The core rate went from an 0.3% increase in February to 0.4% in March.
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