The U.S. consumer price index, the government's top measure for inflation, had a slight increase in the month of March as the price of goods and services increased by 3.5% in the 12-month period ending last month. The new inflation data was released Wednesday by the government's Bureau of Labor Statistics.
The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighted more heavily. Federal Reserve Chair Jerome Powell has stated that its goal is to get the U.S. to a 2% annual inflation rate. Powell said a rise in interest rates was needed to quell once sky-high inflation that exceeded 9%.
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