An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades.
Yet there were signs in Friday’s report from the Commerce Department that inflation might be slowing from its galloping pace and perhaps nearing a peak, at least for now.
“The slowdown in is really nice to see,” said Bill Adams, chief economist for Comerica Bank, in an email to clients. “Inflation may have peaked in March, although the evidence is still a little ambiguous. But inflation’s momentum is still very strong.” Yet the gain isn’t big enough to completely offset higher prices. In the past year, wages and benefits have jumped 4.7%. But after adjusting for inflation, they are down 3.7%.
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