New York, April 12 (AFP\/APP): US consumer inflation slowed in March, according to US data Wednesday, lessening the pressure on the Federal Reserve to maintain its aggressive posture to cool the economy.<\/p>\n\n\n\n
The rate of inflation year-over-year fell to 5.0 percent last month from 6.0 percent in February, the smallest 12-month increase since May 2021, according to the Bureau of Labor Statistics.<\/p>\n\n\n\n
The report showed a 0.1 percent increase in March over the prior month on a seasonally adjusted basis, much lower than the 0.4 percent reading in February and also below the 0.3 percent that had been expected by analysts.<\/p>\n\n\n\n
The report is the latest evidence that the Fed’s streak of interest rate hikes over the last year is weighing on economic activity.<\/p>\n\n\n\n
While US labor market data has remained solid, recent reports on manufacturing and the services sector have shown signs of slowing.<\/p>\n\n\n\n
US equity futures rallied following the data release, on the expectation that the Fed will call a halt to interest rate hikes in the foreseeable future.<\/p>\n\n\n\n
Chief among the factors in the milder inflation number was a significant drop in energy prices, offset by higher costs for housing.<\/p>\n\n\n\n
Food prices were flat in the quarter, with prices for meats, poultry and fish falling, while cereals, bakery products and nonalcoholic beverages climbed.<\/p>","protected":false},"excerpt":{"rendered":"
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