WASHINGTON: US consumer inflation continued to accelerate last month, according to government data published, reducing the chances of an early interest rate cut from the Federal Reserve (Fed) in a tense election year.
The data raised the likelihood that the first Fed rate cut will come right before November’s presidential vote, which would thrust the independent US central bank into the middle of a fractious fight between President Joe Biden and his likely opponent, former president Donald Trump.
The annual consumer price index (CPI) came in at 3.5% in March, up 0.3 percentage points from February, the Labour Department said.
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