A highly anticipated report released by the Labor Department on Wednesday showed a modest increase in U.S. consumer prices in the month of March.
The Labor Department said its consumer price index inched up by 0.1 percent in March after climbing by 0.4 percent in February. Economists had expected consumer prices to rise by 0.3 percent.
The report also showed the annual rate of consumer price growth slowed to 5.0 percent in March from 6.0 percent in February.
The year-over-year growth was slower than the 5.2 percent expected by economists and marks the smallest 12-month increase since May 2021.
Meanwhile, the report said core consumer prices, which exclude food and energy prices, rose by 0.4 percent in March after advancing by 0.5 percent in February. The increase matched economist estimates.
The annual rate of growth by core consumer prices accelerated to 5.6 percent in March from 5.5 percent in February, which was also in line with expectations.
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