A measure of underlying US inflation topped forecasts for a third straight month in March, signaling persistent price pressures that will likely delay any Federal Reserve interest-rate cuts until later in the year.
The so-called core consumer price index, which excludes food and energy costs, increased 0.4% from February, according to government data out Wednesday. From a year ago, it advanced 3.8%, holding steady from the prior month.
Economists see the core gauge as a better indicator of underlying inflation than the overall CPI. That measure climbed 0.4% from the prior month and 3.5% from a year ago, an acceleration from February that was boosted by higher energy prices, Bureau of Labor Statistics figures showed.
| Metric | Actual | Estimate |
|---|---|---|
| CPI MoM | +0.4% | +0.3% |
| Core CPI MoM | +0.4% | +0.3% |
| CPI YoY | +3.5% | +3.4% |
| Core CPI YoY | +3.8% | +3.7% |
Wednesday’s report adds to evidence that progress on taming inflation may be stalling, despite the Federal Reserve keeping interest rates at a two-decade high. With a strong labor market still powering household demand, officials have been adamant they’d like to see more evidence that price pressures are sustainably cooling before lowering borrowing costs.
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