Fed’s favorite inflation gauge rises faster than expected in March

An inflation measure closely watched by the Federal Reserve rose faster than expected in March as high prices continued to weigh on millions of Americans.

The personal consumption expenditures index showed that consumer prices rose 0.3% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.7% – higher than both the 2.6% forecast and the 2.5% reading recorded the previous month.

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