US Inflation Rises More Than Expected in March

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US Inflation,March,Core Inflation

The US inflation rate in March exceeded expectations, driven by factors such as gas prices, rents, auto insurance, and other items. This increase in core inflation excludes volatile energy and food prices. Car insurance prices also rose due to expensive repairs and disaster-related claims. The cost of shelter, particularly housing, saw a significant year-over-year increase. Higher gas and rent prices are keeping inflation elevated, which may delay Federal Reserve rate cuts.

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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