US consumer prices picked up again last month, marking a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.
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That’s a jump from February’s 3.2% rate and marks the highest annual gain in the past six months, highlighting that the path to lower inflation remains extremely bumpy and that any loosening of monetary policy might not happen soon.
The pace of price hikes slowed considerably in 2023, but that progress not only hit a roadblock to start this year, it moved into reverse.
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