U.S. PCE Inflation Hits 3.5% in March as Gasoline Prices Surge

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U.S. PCE inflation rose 3.5% year over year in March, as gasoline prices lifted the Federal Reserve’s preferred inflation gauge. The monthly PCE price index rose 0.7% in March, up from 0.4% in February. The conflict in the Middle East disrupted oil trade and sharply increased energy prices.

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