Annual inflation ticks higher to 3.5 percent in March | KLRT [Video]

(The Hill) — Inflation ticked higher in March, according to new Labor Department data released Wednesday.

The consumer price index (CPI), a popular measure of inflation, rose 0.4 percent last month and 3.5 percent annually, largely in line with economist projections. Economists had anticipated that inflation would increase 0.4 percent in March and 3.4 percent annually.

The latest numbers come after two months of hotter-than-expected inflation data. Consumer prices were up 3.2 percent year-over-year in February and 3.1 percent in January.

While inflation has eased significantly since June 2022 — when it peaked at a 40-year high of 9.1 percent — the Federal Reserve has been hesitant to declare victory and begin cutting interest rates.

The central bank raised rates to a two-decade high over the past two years in an effort to cool the economy and tame inflation.

However, the U.S. economy has continued to defy expectations, adding 303,000 jobsin March …