Consumer prices in the United States rose more than expected in March, casting further doubt on whether the Federal Reserve will cut interest rates in June.
The rise in inflation was mainly driven by increases in gasoline and living costs.
The Labor Department's Bureau of Labor Statistics said on Wednesday that the consumer price index rose 0.4% on a monthly basis in March after rising by the same amount the previous month.
Rising fuel and living costs, including rents, contributed more than half to the monthly increase in the consumer price index.
On an annual basis, the CPI rose 3.5% in March after rising 3.2% in February.
Economists polled by Reuters expected the consumer price index to rise 0.3% on a monthly basis and 3.4% on an annual basis.
The annual increase in consumer prices has slowed over the past months from its peak of 9.1% in June 2022.
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