Consumer prices in March were up 5% from a year ago. While inflation has eased from a four-decade high last summer, prices are still rising faster than the Federal Reserve would like.
Inflation cooled last month, thanks in part to falling gasoline prices, but the rising cost of services such as travel and restaurant meals continues to stretch people's pocketbooks.
Price hikes have continued to ease since hitting a four-decade high last summer, but inflation is still running more than two-and-a-half times the Federal Reserve's target of 2%."Inflation remains too high, although we've seen welcome signs over the past half year that inflation has moderated," Treasury Secretary Janet Yellen said this week."Commodity prices have eased. Supply-chain snarls are being resolved.
The latest inflation reading comes three weeks before the Fed's next policy meeting, where officials are widely expected to raise interest rates by another quarter percentage point. Unlike housing and manufacturing, which are especially sensitive to rising interest rates, the service industries may be less responsive to the Fed's inflation-fighting moves.
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