The Federal Reserve’s preferred inflation indicator has risen to its highest level in nearly three years

Odaily Planet Daily News The U.S. Department of Commerce released data on Thursday showing that rapidly rising gasoline prices pushed the Federal Reserve's preferred inflation indicator, the PCE price index, to an annual rate of 3.5% in March, its highest level in nearly three years. Data shows that the U.S. PCE price index recorded a monthly increase of 0.7% in March, higher than February's 0.4%, while the annual rate jumped from 2.8% to 3.5%, marking the fastest growth rate since May 2023. The sharp rise in energy prices due to disrupted oil trade caused by the Middle East conflict is the main reason for this sudden surge in inflation. (Jin Shi)