Falling gas and used car prices ease inflation.
The Department of Labor reported that U.S. consumer prices declined slightly in March for the first time since 2020. The Consumer Price Index (CPI) fell 0.1 percent, the opposite of the forecast by economists. The drop was largely due to gas prices and the lower cost of used cars. The increase in core consumer prices experienced the smallest rise since President Trump’s first term.
Year over year, the CPI rose 2.4 percent, the smallest annual increase in four years. Increases in food, housing, and healthcare costs were offset by price decreases in travel, insurance, and prescription drugs. Energy prices also dropped by 2.4 percent, with a 6.3 percent reduction in gas prices.
Financial markets now anticipate the Federal Reserve could cut interest rates later this year, as Fed minutes reveal concerns about the dual risks of rising prices and slowing growth.
As the Lord Leads, Pray with Us…
- For Secretary Chavez-DeRemer to receive God’s direction as she heads the Labor Department.
- For Chair Jerome Powell to be discerning as he presides over the Federal Reserve.
- For President Trump as he implements policies to strengthen the nation’s economy.
Sources: MSN, Reuters, Breibart
