BREAKING: An inflation gauge closely tracked by the Federal Reserve jumped 6.6% in March compared with a year ago, the highest 12-month reading in four decades, further evidence that surging prices are pressuring budgets and the health of the economy.
Still, inflation is eroding Americans’ purchasing power and leading the Federal Reserve to plan a series of sharp interest rates hikes in the coming months.
Still, inflation remains chronically high, and Americans are taking an increasingly negative view of the economy as a result. About one-third of respondents to a Gallup poll, released Thursday, cited inflation as the most important financial problem their family faces today, up from fewer than one in 10 who said so a year ago.
Even so, consumers and businesses increased their spending at a solid pace in the January-March quarter, even after adjusting for inflation, a sign that the economy is much healthier than Thursday’s dismal figure for the nation’s gross domestic product suggested.How consumers respond to inflated prices — and much higher interest rates from the Federal Reserve — is one of the unknowns facing the economy this year.
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