U.S. consumer prices climbed 0.4% in March, an increase caused mostly by higher costs for gasoline, electricity and shelter.
The Associated Press reported that the Labor Department said Wednesday (April 10) that the consumer price index rose a healthy 1.9% last month from a year ago, a sharp jump from the annual pace of 1.5% in February.
Inflation has been relatively modest even as the job market has strengthened and wage gains have accelerated over the past several years. The Trump administration has been highlighting the meager inflation as the president calls on the Federal Reserve to cut a key short-term interest rate.
But inflation in the form of commodity prices for gasoline and electricity did return in March, eating into wage growth. Average hourly wages have increased 1.3% in the past year, down from an annual gain of 1.9% in February.
Roughly 60% of inflation last month came from a 3.5% increase in energy prices. Excluding the volatile energy and food categories, core prices increased 0.1% in March and 2% from a year ago.
For the full story click here.