Inflation barely rises on soft consumer spending

Washington

INFLATION in the United States barely rose in March as consumer spending remained tepid, making it less likely that the Federal Reserve will be able to hike interest rates twice this year.

The Commerce Department said on Friday the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, edged up 0.1 per cent last month after an upwardly revised 0.2 per cent increase in February.