Any cuts to interest rates by the Federal Reserve have been delayed as an inflation measure rose in March due to increasing gas prices, the Associated Press reported.
The inflation gauge rose 0.7% in March from February, the Commerce Department said Thursday.
Core inflation rose 0.3% in March from February, and it was 3.2% higher than a year earlier.
The Feds, which cut interest rates three times last year, had an inflation target of 2%. It sits at 3.5%.
It is likely to keep short-term interest rates unchanged.
