US Inflation Hotter Than Expected for 4th Straight Month

Gasoline and shelter costs the latest drivers of the CPI increase.

A woman checks items from the refrigerated section while grocery shopping at a supermarket in Alhambra, Calif., on July 13, 2022. Frederic J. Brown / AFP via Getty Images

The U.S. annual inflation rate came in hotter than expected for the fourth consecutive month in March, suggesting that the last mile in the inflation fight could be a slow and bumpy road for the Federal Reserve.

According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose to 3.5 percent last month, up from 3.2 percent in February. This was also higher than the consensus estimate of 3.4 percent.