U.S. consumer prices increased a sharp 0.6% in March, the biggest uptick since 2012, while inflation over the past year jumped 2.6%.
In March alone, energy prices increased a sharp 5% led by a 9.1% jump in gasoline prices. Food prices edged up 0.1% and are 3.5% higher than a year ago. Reports also showed that new vehicle prices were unchanged in March and up 1.7% over the past year, while used car prices rose 0.5% and are 9.4% higher than a year ago.
Economists said they expect further price gains in coming months as the country continues to open up, but believe the Federal Reserve sees those gains as temporary. Read more.