The Federal Reserve's preferred inflation gauge has climbed to a nearly three-year high

Odaily reported on Thursday that, according to data released by the U.S. Department of Commerce, rapidly rising gasoline prices drove the Federal Reserve's preferred inflation metric—the PCE price index—to 3.5% year-over-year in March, its highest level in nearly three years. Data shows that the U.S. monthly PCE price index rose 0.7% in March, up from 0.4% in February, while the annual rate jumped from 2.8% to 3.5%, marking the fastest pace since May 2023. The conflict in the Middle East has disrupted oil trade, leading to sharp increases in energy prices, which is the main reason behind this sudden surge in inflation. (Jinshi)