US consumer inflation eased in March, with less expensive gas and lower food prices providing some relief to households that have struggled under the weight of surging prices for nearly 2 years.
The government said Wednesday that consumer prices rose just 0.1% from February to March, down from 0.4% from January to February and the smallest increase since December.
Even so, there are signs that inflation pressures will ease in the months ahead. One unfortunate reason inflation could decline is that economists expect growth to slow in the United States later this year, in part because turmoil in the banking sector may cause banks to restrict lending. Still, Apartment List, which tracks real-time changes in new leases, shows rents rising at a 2.6% pace compared with a year ago. As more apartments reset with those smaller increases, the government's inflation data should show milder increases in coming months.
Last week's March jobs report, though, showed that wage growth has slowed steadily in the past year. Businesses are posting fewer open positions, and the number of Americans quitting their jobs to take new, mostly higher-paying work — a driver of higher pay — is falling.
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