According to a report from Fox Business, inflation eased slightly in March but remains three times higher than its pre-pandemic average —the cash crunch is still real for most Americans.
From Fox Business:
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.1% in March from the previous month, down from 0.4% in February. Prices climbed 5% on an annual basis, down sharply from February’s 6% increase and the smallest rise in nearly two years.
Those figures were both lower than forecasts by Refinitiv economists.
Still, inflation remains about three times higher than the pre-pandemic average, underscoring the persistent financial burden placed on millions of U.S. households by high prices.
Other parts of the report also pointed to a slow retreat for inflation, a worrisome sign for the Federal Reserve. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.4%, or 5.6% annually. That is up slightly from February’s 5.5% increase, snapping a five-month-long streak of declines.
Fox Business said the report is obviously “terrible news for the consumer.”
Watch the clip below:
WSJ's James Freeman on the Consumer Prices Index: "Obviously terrible for the consumer, and especially as we saw with real wages declining again." pic.twitter.com/CcOL1hk2jg
— RNC Research (@RNCResearch) April 12, 2023