Inflation Up in March by 3.5 Percent, as Elevated Price Pressures Put Fed’s Rate Cut Schedule in Doubt
The figures will likely disappoint the White House, as Republican critics of President Biden pin the blame for high prices on the president and use it as a cudgel to derail his re-election bid.
WASHINGTON — Consumer price increases rose 3.5 percent in March over the prior year, boosted by gas, rents, and car insurance, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.
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