Gordon Severson sits down with an expert to discuss inflation and how you can combat it. Plus, a look at how you can save as prices change and more.
WASHINGTON — Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year.
On Wall Street, traders sent stock prices tumbling and bond yields rising, reflecting fear that the Fed may delay interest rate cuts indefinitely. The broad S&P 500 stock index was off about 1% in late-morning trading. The Fed closely tracks a separate inflation gauge that has been coming in below the consumer price index, released Wednesday. Yet those figures will likely come in high enough to concern policymakers.against higher prices. The president has argued that further improvement would be possible if Republicans in Congress would back his policies, which include efforts to lower costs for prescription drugs, reduce so-called “junk fees,” and write off some student debts.
Average auto repair costs increased 1.7% from February to March and are up a sharp 8.2% from a year earlier. And the price of gas to power most vehicles surged 1.7% last month. Prices for new and used cars, though, fell slightly. “It means that the consumer’s in good shape and accepting price increases still,” Rosner-Warburton said.
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Higher gas and rents keep US inflation elevated, likely delaying Fed rate cutsGordon Severson sits down with an expert to discuss inflation and how you can combat it. Plus, a look at how you can save as prices change and more.
Read more »