The consumer price index rose 0.4% last month while the core inflation, which removes the costs of food and energy and is a more favored reading by the Fed, rose 0.1%, below the 0.2% forecast. University of Michigan Confidence number dropped to 74.3, below the forecasted 76. Americans are becoming increasingly concerned about the rising cost of living. Consumers are expecting an inflation rate of 4% over the next year, compare to 3.3% in the prior reading. Correct me if I’m wrong, but I think what consumers feel the most is the rising gas price. According to nation’s largest motoring organization AAA, the average price of regular gasoline rose to $3.83 per gallon as of March 15. I don’t drive right now, but if you would like to share your experience at the pumps with me, please tweet me @juliasun_onair or send your comments to our show. For more news and updates, keep it right here at the Financial News Network. I’m Julia Sun reporting from New York City.
