The US Commerce Department recently announced that consumer prices in the country rose in March, aligning with the economist's predictions. According to the department, the consumer price index mounted by 0.3 percent, which suits the increase seen in February and the economists' forecast.
When deducting the effect of food and energy prices, the core consumer price also saw a 0.3 percent increase, coinciding with expectations. Notably, the yearly consumer price growth rate surged from 2.5 percent in February to 2.7 percent in March. However, economists presumed the growth rate would be2.6 percent.
Regarding the yearly growth rate of core consumer prices in March, it remained static at 2.8 percent from February. Economists had projected a decline in the growth rate to 2.6 percent.
These inflation readings, believed to be favored by the Federal Reserve, were incorporated in the Commerce Department's report on personal income and expenditure for the month of March. The report revealed that personal income rose by 0.5 percent in March, against a February increase of 0.3 percent. Simultaneously, personal spending recorded an 0.8 percent increase for the second consecutive month.
