14 Apr 2012

US consumer prices slightly higher

7:31 am on 14 April 2012

Consumer prices in the United States edged higher in March due mainly to increases in the cost of fuel.

The Consumer Price Index rose by 0.3% from February. Year-on-year, prices increased by 2.7%, slightly lower than the 2.9% rate recorded last month.

The BBC reports the rise was driven by a 1.7% increase in gasoline prices.

Food prices rose by 0.2%, while clothes increased by 0.5%. Electricity prices fell by 0.8%.

Taking out volatile food and energy prices, the core CPI rose by 0.2% from February.

The Federal Reserve has said it will probably hold interest rates between 0% - 0.25% until at least late 2014.