Economics
Consumer Prices in U.S. Advance by Most in Nearly Nine Years
- Gain of 0.6% in CPI exceeded forecast on higher gasoline costs
- Core measure of inflation also climbed more than projected
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U.S. consumer prices climbed in March by the most in nearly nine years as the end of pandemic lockdowns triggered a rebound in travel and commuting that pushed up the cost of gasoline, car rentals and hotel stays.
The consumer price index increased 0.6% from the prior month after a 0.4% gain in February, according to Labor Department data Tuesday. The jump in the cost of gas accounted for almost half the overall March advance.