Overall prices ticked up just 0.1% from February to March, the smallest monthly rise since last July and down from a 0.3% increase from January to February, Friday’s Commerce Department report showed.
Some Fed officials are concerned that core inflation hasn’t declined much since reaching 4.7% in July.
The increase suggested that many businesses are still feeling pressure to raise pay to find and retain workers. While good for employees, that trend could help accelerate inflation if companies raise their prices to cover their higher labor costs. The PCE price index also seeks to account for changes in how people shop when inflation jumps. As a result, it can capture emerging trends — when, for example, consumers shift away from pricey national brands in favor of less expensive store brands.
As a result, the Fed is poised to announce another interest rate hike after its policy meeting next week. The likely quarter-point rise in its benchmark rate would raise it to about 5.1%, the highest level in 17 years.
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