Annual inflation fell for a ninth-straight month in March—temporarily easing concerns about the future of the Federal Reserve’s tightening campaign as some experts worry that uncertainty over recent bank failures and a potential recession may complicate the path of inflation.
Federal Reserve Chairman Jerome Powell testifies during a Senate Banking Committee hearing.
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KEY FACTS
Consumer prices rose 5% on an annual basis, according to data released by the Labor Department on Wednesday, marking the smallest year-over-year increase since May 2021 and coming in better than economists expected after a 6% spike in February.
Rent prices were "by far" the biggest contributor to overall inflation, more than offsetting a decline in energy prices, which decreased 3.5% over the month, the government said.
Core inflation, which excludes volatile food and energy prices, rose 0.4% on a monthly basis in March—falling in line with projections but still historically high as prices for car insurance, airplane tickets, furniture and new cars all continued to rise.
Source : [Prices Rose Another 5% In March—Lowest Inflation Reading In Nearly Two Years](www.forbes.com/sites/jonathanponciano/2023/04/12/prices-rose-another-5-in-march-lowest-inflation-reading-in-nearly-two-years/) by Jonathan Ponciano, Forbes Staff - US infl