FinanceNewsAPI
Inflation hits highest level in nearly 3 years, Fed's preferred gauge shows - ABC News - Breaking News, Latest News and Videos
Overview
The Federal Reserve's preferred inflation gauge rose to its highest level in nearly three years, driven in part by recent jumps in energy and gasoline prices. The increase reinforces similar signals from the Consumer Price Index and heightens the challenge of bringing inflation back to target. That dynamic helps explain the Fed's decision to keep interest rates steady as geopolitical-driven energy costs add upside risk to the outlook.
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