Inflation cooled last month, thanks in part to falling gasoline prices, but the rising cost of services such as travel and restaurant meals continues to stretch people’s pocketbooks.
The consumer price index for March was 5% higher than a year ago, according to a report Wednesday from the Labor Department. That’s the smallest annual increase since May 2021.
Price hikes have continued to ease since hitting a four-decade high last summer, but inflation is still running more than two-and-a-half times the Federal Reserve’s target of 2%.
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