Still higher, at 5 percent, than the Federal Reserve target.
The Bureau of Labor Statistics reported last week that inflation decreased one percentage point in March, ending at 5 percent, the lowest since May 2021. The Federal Reserve has taken this as confirmation that its interest rate increases are working to slow the economy.
However, prices continue to increase, although on a month-to-month basis of 0.1 percent from February to March. While the Consumer Price Index showed inflation at 5 percent, core inflation at the end of March was at 5.6 percent, down from the 9 percent peak of last June.
President Biden commented, “In recent months, we have also seen price declines for items like used cars, smartphones, and other electronics. While inflation is still too high, this progress means more breathing room for hard-working Americans — with wages now higher than they were 9 months ago, after accounting for inflation.”
As the Lord Leads, Pray with Us…
- For Acting Secretary Julie Su as she heads the Labor Department.
- For Commissioner Beach as he oversees the Bureau of Labor Statistics.
- For the president and his economic advisers as they evaluate federal financial policies.
Sources: Washington Examiner, Axios
