US consumer prices rose 0.4% in March on higher gas costs
WASHINGTON — U.S. consumer prices climbed 0.4% in March, an increase caused mostly by higher costs for gasoline, electricity and shelter.
The Labor Department said Wednesday that the consumer price index rose a healthy 1.9% last month from a year ago, a sharp jump from the annual pace of 1.5% in February.
Inflation has been relatively modest even as the job market has strengthened and wage gains have accelerated over the past several years. The Trump administration has been highlighting the meagre inflation as the president calls on the Federal Reserve to cut a key short-term interest rate.
But consumer prices in March suggested that the Fed can remain patient, as the figures were essentially near its 2% target.