US Core Inflation Slows in MarchUnited States Core Consumer Prices
US core consumer prices, which exclude volatile items such as food and energy, rose by 0.4 percent from a month earlier in March of 2023, in line with market expectations, and slowing slightly from the 0.5 percent increase in the previous month. Consumer costs continued to fall for used cars and trucks and medical care services, offsetting the increase for transportation services and shelter. Year-on-year, core consumer prices advanced by 5.6 percent.
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US Inflation Rate Falls More than Anticipated to 5%United States Inflation Rate
The annual inflation rate in the US slowed for a ninth consecutive period to 5% in March of 2023, the lowest since May of 2021 from 6% in February, and below market forecasts of 5.2%. The energy index decreased 6.4%, and the food index increased 8.5%. Compared to the previous month, the CPI edged 0.1% higher, also below expectations of 0.2%, with higher shelter prices offsetting a 3.5% fall in energy cost. Food prices were unchanged.
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US Stock Futures Extend Gains After CPI ReleaseUnited States Stock Market
US stock futures tracking the broader market rallied 1% on Wednesday, putting Wall Street on track to open higher after US inflation slowed more than expected in March, raising hopes that the Federal Reserve monetary tightening is nearing an end. A Bureau of Labor Statistics report showed that the annual inflation rate rose 5% last month, below economists' forecasts of 5.2%, prompting bets that policymakers will deliver one more interest rate hike in May before a pause and pivot to a dovish policy in the year's second half. Investors now await the Federal Reserve's March policy meeting minutes for further clues on the central bank's monetary path. On the corporate side, US-listed shares of Chinese firms Alibaba Group Holding, Baidu, and JD.com were under pressure before the open as investors weighed increasing geopolitical tensions.
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