High oil prices push the Federal Reserve's preferred inflation indicator to its highest level in nearly three years
According to Golden Ten Data on April 30, data released by the US Department of Commerce on Thursday showed that gasoline prices rose rapidly, pushing the Federal Reserve's preferred inflation indicator—the PCE Price Index annual rate—to 3.5% in March, its highest level in nearly three years. The data shows that the US PCE Price Index monthly rate for March was 0.7%, higher than February's 0.4%. The annual rate jumped from 2.8% to 3.5%, marking the fastest pace since May 2023. The main reason for the sudden surge in inflation is that Middle East conflicts have disrupted oil trade, causing energy prices to spike sharply.
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