US Consumer Inflation Rises to 3.5% in March, Retail Sales Exceed Expectations

Despite inflationary pressures, U.S. consumers increased their spending significantly in March, showcasing economic resilience.

US consumer inflation accelerated to 3.5% year-over-year in March, driven by increases in shelter and gasoline costs.
Retail sales in March surged by 0.7%, nearly double the expected rate, indicating strong consumer confidence and spending.
Core CPI, excluding food and energy, also rose by 0.4% in March, maintaining the trend from the previous two months.
The Federal Reserve Chair Jerome Powell indicated it's premature to consider lowering interest rates given the current inflation trends.
Despite overall robust retail performance, sectors like apparel and big-ticket items like cars and furniture saw declines in sales.