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US PCE price index decelerated further in March with the year over year rate dropped to merely 4.2%, down from 5.1% in February.
Consumer price index grew for March 5% over the past year, reaching the lowest level since May 2021. Nonetheless, Core CPI recorded a 5.6% increase, up from 5.5% in February.
Inflation in the US showed further signs of easing as the yearly growth of core PCE price index slowed to 4.6% in February, while the headline number increased by 5%.
Core PCE inflation rose 4.7% in January YoY, beating expectation of 4.4% increase. The Fed-preferred price index rose 0.6% MoM compared to the market expectation of 0.5%.
Ahead of Jay Powell's keynote speech in Jackson Hole on Friday, two Fed officials said more rate hikes are still warranted, but they said it's too early to decide on the size rate increase yet.