The personal consumption expenditures index increased by 3.5% on an annual basis in March, the highest rate of inflation since 2023, the BEA reports.

Consumers faced escalating prices in March as the Iran war sent oil soaring and created a new level of challenges for the Federal Reserve.

The personal consumption expenditures index increased by 3.5% on an annual basis in March, the highest rate of inflation since 2023, the BEA reports.