U.S. consumer prices accelerated in the year to March, with a measure of underlying inflation surging to near the Federal Reserve’s 2 percent target as weak readings from last year dropped out of the calculation.
The rise in the annual inflation gauges reported by the Commerce Department on Monday was anticipated by economists and Fed officials and is not expected to alter the U.S. central bank’s gradual pace of interest rate increases.
Annual inflation readings in March of last year were held down by large declines in the price of cell phone service plans, and decelerated through much of 2017.
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