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On average, prices of goods and services across the economy measured in the CPI rose 0.4% from February and 3.5% from a year ago. Economists surveyed by Dow Jones had expected gains of 0.3% and 3.4%, respectively. Continued price hikes for shelter and gasoline pushed the CPI higher. It's the third month in a row that inflation's pace trumped expectations.stoked optimism that the Federal Reserve may soon cut interest rates, but the new inflation data may dampen those hopes.
That jumps from February’s 3.2% rate and marks the highest annual gain in the past six months, highlighting how the path to lower inflation remains bumpy. The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%. Economists surveyed by Dow Jones had been looking for a 0.3% gain and a 3.4% year-over-year level.
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