U.S. consumer prices jumped by 0.4 percent in March, while a key gauge of inflation rising to near the Federal Reserve’s 2 percent goal, the Commerce Department reported on Monday.
The increase in consumer prices was the largest since February 2017 and followed a 1.7 percent gain in February.
Minutes of the lasr Fed’s policy meeting published earlier this month showed policymakers anticipated the annual PCE price indexes to leap in March partly due to “the arithmetic effect of the soft readings on inflation in early 2017 dropping out of the calculation.”
The central bank is scheduled to meet on Tuesday and Wednesday. The Fed increased interest rates last month and hinted at least at two more rate hikes in 2018.
The dollar index edged up 0.37 percent to 91.874 before the data.