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Inflation cooled further in March, but shelter costs are still high

Consumer price increases cooled further in March, which is welcome news for the Federal Reserve, which made the challenging choice at its March meeting to continue with its federal funds rate hikes despite the failures of Silicon Valley Bank and Signature Bank.

The Consumer Price Index (CPI) rose by 5.0% in March, before seasonal adjustment compared to one year ago, a dramatic decrease from the 6.0% year-over-year jump posted in February, according to data released Wednesday by the Bureau of Labor Statistics (BLS).

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