Inflation Picks Up Again; CPI Rises 0.4% in March with Biggest Annual Gain in 6 Months

• Consumer price index rises 0.4% in March, increasing 3.5% year-on-year which is the biggest gain in 6 months

• Core CPI also advances 0.4%; increases 3.8% year-on-year

• Gasoline and shelter costs accounted for over half of the CPI increase

• Financial markets now expect the Fed to delay interest rate cuts until September rather than June

• Annual consumer price inflation has stalled in recent months after declining from a peak of 9.1% in June 2022