Consumer prices rose slightly in March as annual inflation plunged
by Tobias Burns - 04/28/23 8:38 AM ET
The Federal Reserve’s preferred measure of inflation fell to a 4.2 percent annual increase as price growth throughout the economy continues to drop.
The personal consumption expenditures (PCE) price index rose 0.1 percent on the month, the Commerce Department reported, far less than the 0.4 percent projected by economists.
The “core” PCE, which excludes food and energy costs, rose just 0.3 percent.
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The annual inflation rate fell nearly a full percentage point in March. Prices were was up 5.1 percent annually in February, up 5.4 percent in January and 5.3 percent in December.
The PCE price index has been falling for several months now off an annual increase of 6.9 percent last June. Inflation has been falling as the Fed continues an intensive program of interest rate increases and quantitative tightening that has been slowing the economy toward a potential recession.
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https://thehill.com/business/economy/3977702-consumer-prices-rose-slightly-in-march-as-annual-inflation-plunged/
