Inflation Seen Rising in March CPI Report, Keeping Pressure on Fed

• March CPI report expected to show inflation rose 3.4% annually in March, up from 3.2% in February

• Monthly inflation seen rising 0.3% in March, down slightly from 0.4% monthly increase in February

• Core CPI, excluding food and energy, projected to climb 3.7% annually in March

• Higher oil and gasoline prices slowing progress on bringing down inflation

• Fed closely watching report for signs of subsiding inflation to determine timing and magnitude of interest rate cuts