rose more than expected in March, boosted by gas, rents, auto insurance and other items, the government said Wednesday. A look at some of the numbers. The increase in the so-called core inflation rate from March 2023 to March 2024. This measure strips out the more volatile energy and food prices.The rise in the price of car insurance from March a year ago. More expensive car repairs and an increase in disaster-related claims are among the reasons for the increase.
The price in March for a gallon of unleaded regular gasoline. That’s up 22 cents from February, but is still down about 73 cents from March 2022.Air travel is one category seeing price declines. The cost of hotel rooms and car rentals have also fallen from a year ago.The rise in the cost of a funeral in March compared to a year ago. In December, the National Funeral Directors Association estimated the median price of a funeral with casket and burial rose from $7,850 to $8,300 from 2021 to 2023.
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Inflation Rises in March, Raising Concerns for FedInflation edged higher in March, surpassing economists' expectations and casting doubt on the Federal Reserve's plans to cut interest rates. Core prices, excluding food and energy, also rose above expectations. This marks the third consecutive month of inflation exceeding the Fed's target of 2%.
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Inflation Rises in March, Casting Doubt on Fed's Interest Rate CutInflation edged higher in March, signaling elevated price pressures and raising doubts about the Federal Reserve's plans to cut interest rates. The Consumer Price Index (CPI) rose by 3.5%, surpassing economists' expectations and February's rate of 3.2%. Core prices, excluding food and energy, also exceeded expectations at 3.8%. The cost of gasoline and shelter contributed to the rise in CPI, while food prices remained relatively stable. This marks the third consecutive month of inflation surpassing the Fed's target of 2%.
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US Inflation Rate Rises to 3.5% in MarchThe US inflation rate rose to 3.5% for the year ending in March, raising concerns for the Federal Reserve's plan to cut interest rates. This is also bad news for President Joe Biden. Core inflation, excluding food and energy prices, remained at 3.8% for the year ending in February.
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