A measure of underlying US inflation topped forecasts for a third straight month, heralding a fresh wave of price pressures that will likely delay any Federal Reserve interest rate cuts until later in the year.
The so-called core consumer price index (CPI), which excludes food and energy costs, increased 0.4 per cent from February, according to government data out on April 10. From a year ago, it advanced 3.8 per cent, holding steady from the prior month.
Economists see the core gauge as a better indicator of underlying inflation than the overall CPI.
That measure climbed 0.4 per cent from the prior month and 3.5 per cent from a year ago, an acceleration from February that was boosted by higher energy prices, Bureau of Labour Statistics (BLS) figures showed.
The April 10 report adds to evidence that progress on taming inflation may be stalling, despite the Fed keeping interest rates at a twodecade high.
With a strong labour market still powering household demand, officials have been adamant that they would like to see more evidence that price pressures are sustainably cooling before lowering borrowing costs.
This story is from the April 11, 2024 edition of The Straits Times.
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This story is from the April 11, 2024 edition of The Straits Times.
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