Surging US inflation tempered by small drop in expectations
Expectations fall over medium term but rise in short term
Year-on-year consumer price index inflation reached 8.5% in the US in March, the highest reading the nation has seen since 1981. However, there was slight relief for Federal Reserve policy-makers as inflation expectations showed some tentative signs of easing.
Energy, housing, and food made up the bulk of the March price increases, growing 32%, 5%, and 8.8%, respectively. Transportation services rose 7.7% as well.
Airline fares, household furnishings and operations, medical care, and motor
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