According to data from the US Bureau of Economic Analysis (BEA), the Federal Reserve’s key inflation measure was hotter than expected in March.
The Personal Consumption Expenditures (PCE) price index rose 2.3% from year-ago levels, lower than February’s 2.7% increase.
This reading came in higher than anticipated, as Economists forecasted that the index would rise 2.2%. The inflation data comes amid heightened market uncertainty fueled by Trump’s controversial policy moves.
Implications of the US March Inflation Reading
The Core PCE index, which excludes volatile food and energy prices, fell to 2.6%, which was in line with expectations.
Economists expected the PCE price index to cool in March, likely due to falling energy costs as recession fears weighed on oil prices.
Their expectations materialized as the costs of Energy goods and related services plunged 2.7% in March.
Image Source: The Kobeissi Letter
However, food prices saw their most significant jump in month
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