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Inflation <br />Consumer Price Index (CPI) <br />9.0 % <br />8.0 % <br />7.0 % <br />6.0% <br />tW <br />r_ <br />5.0% <br />u <br />4.0 % <br />° 3.0% <br />2.0 % <br />1.0 % <br />0.0 % <br />✓ S 0 ✓ S 0 117 <br />(10 <br />O O O 1 1 1 1 <br />Source: US Department of Labor <br />9.0 % <br />8.0 % <br />7.0 % <br />6.0% <br />�o <br />s 5.0% <br />U <br />4.0 % <br />° 3.0% <br />2.0 % <br />1.0 % <br />0.0 % <br />Personal Consumption Expenditures (PCE) <br />PCE Price Deflator YOY % Change <br />PCE Core Deflator YOY % Change <br />✓ S O ✓ S 0 <br />dr�0 4,�->O Pp�O <br />Source: US Department of Commerce <br />Although U.S. consumer prices rose less than expected in March, inflation remained elevated at a 40-year high. The Consumer Price Index (CPI) <br />was up 8.5% year -over -year in March, versus up 7.9% year -over -year in February. Core CPI (CPI less food and energy) was up 6.5%year-over- <br />year in March, versus up 6.4% year -over -year in February. Gasoline costs drove about half of the monthly increase, while food was also a <br />sizable contributor. Used vehicle prices declined (although remaining firm), resulting in lower than forecast core increases for the month. The <br />Personal Consumption Expenditures (PCE) index was up 6.6°% year -over -year in March, up from 6.3% year -over -year in February. Core PCE was <br />up 5.2%year-over-year in March, versus up 5.3% in February. Current inflation readings continue to run well above the Fed's longer -run target <br />of around 2.0%. Accelerating labor costs and healthy consumer spending continue to drive inflationary pressures. Additionally, the Russia - <br />Ukraine war and COVID lockdowns in China continue to exacerbate commodity prices and supply chain challenges. <br />5 c►" <br />13 <br />