PCE index of U.S. inflation jumps 0.9% in March, rising 0.3% at core
The numbers: The Federal Reserve’s preferred measure of inflation rose a sharp 0.9% in March, but the increase largely stemmed from a surge in the cost of gas and there were some signs that intense price pressures could be starting to ease.
Yet a narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, rose by just 0.3% in March for the second month in a row. That matched the Wall Street forecast. The Fed views the PCE index — the core rate in particular — as the most accurate measure of U.S. inflation. It’s more comprehensive and takes into account when consumers substitute cheaper goods for more expensive ones — say ground beef for filet mignon or frozen spinach for fresh.
The Fed is moving to raise interest rates rapidly to try to cool off inflation, but economists say it will take time.
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