According to the US Department of Labor, consumer prices (CPI) increased by 5% year-on-year in March. Thus, inflation slowed down from 6% in February and became the lowest since May 2021. Analysts had expected the indicator to drop to 5.1%. On a monthly basis, the CPI index increased by 0.1% compared to the previous month: in February, the growth was 0.4%. Experts predicted an increase of 0.2%. In particular, energy prices fell by 6.4% last month after rising by 5.2% in February, including gasoline which fell by 17.4%. Food prices rose by 8.5% in March after rising by 9.5% a month earlier. Used cars fell by 11.6%, while in February the drop was 13.6%. Meanwhile, the Core CPI index (inflation excluding the cost of food and energy) accelerated to 5.6% in annual terms after rising by 5.5% in February. The indicator coincided with market expectations. On a monthly basis, the index is expected to have increased by 0.4% after an increase of 0.5% a month earlier. As you know, the Federal Reserve System closely monitors data on the growth rates of consumer prices in the country, which are one of the important factors in making decisions regarding monetary policy. Currently, the Central Bank's inflation target is 2%. The next meeting of the Federal Reserve will be held on May 2-3.
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