US inflation eased last month to its lowest level in nearly two years but an uptick in core prices will keep pressure on the Federal Reserve to press ahead with another interest rate increase in May.
The consumer price index for March rose by 5 per cent year on year, according to data published by the Bureau of Labor Statistics on Wednesday.
That marks a significant deceleration compared with the 6 per cent rate recorded in February and is the lowest reading since May 2021. On a monthly basis, consumer prices increased just 0.1 per cent, shy of economists’ forecasts.
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