Fed's key inflation measure shows prices increased 2.7% last month, compared to March 2023
The U.S. government defines the Personal Consumption Expenditures Price Index as a "measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services."
The Commerce Department said Friday the cost of goods and services increased by 2.7% in March, compared to the same time last year, slight the goal of getting inflation below 2%.
The data is complied and released by the department's Bureau of Economic Analysis and measures the prices U.S. consumers pay for goods and services.
The report is also a closely watched by the Federal Reserve, which adjusts interest rates, most recently increasing, in an attempt to cool the economy and tamp related inflation.
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