Consumer spending soared in March as Americans tried to get ahead of tariffs
CNN
Inflation slowed sharply in March, moving closer to the Federal Reserve’s 2% target, while tariff-induced consumer spending continued to fuel the economy.
Inflation slowed sharply in March, moving closer to the Federal Reserve’s 2% target, while tariff-induced consumer spending continued to fuel the economy. Wednesday’s report from the Commerce Department showed that the Personal Consumption Expenditures price index — the Fed’s favored inflation gauge — rose 2.3% in March from the year before, slower from February’s 2.7% increase. On a monthly basis, prices were unchanged, versus 0.4% in February. Economists expected the PCE price index to cool sharply to 2.2% annually in March, likely due to falling energy costs as recession fears weighed on oil prices. That was indeed the case: Energy goods and related services costs plunged 2.7% in March. Food prices, however, saw their biggest jump in months, rising 0.5% from February. Excluding food and energy costs, the core PCE price index was flat for the month and slowed to an annual rate of 2.6% from 3%. Consumer spending rose 0.7% from February, marking a sharp acceleration from 0.1%.
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