The Federal Reserve's preferred inflation indicator rose to a near three-year high

Odaily Planet Daily News According to data released by the U.S. Department of Commerce on Thursday, rapidly rising gasoline prices drove the Federal Reserve's preferred inflation indicator—the PCE price index—up to 3.5% annually in March, its highest level in nearly three years. The data shows that the U.S. March PCE price index month-on-month rate recorded 0.7%, higher than February's 0.4%, and the year-on-year rate jumped from 2.8% to 3.5%, marking the fastest pace 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)