Fed's key inflation measure shows prices increased 2.7% last month, compared to March 2023

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The Commerce Department said Friday the cost of goods and services increased by 2.7% in March, compared to the same time last year, slight the goal of getting inflation below 2%.

The data is complied and released by the department's Bureau of Economic Analysis and measures the prices U.S. consumers pay for goods and services.

The report is also a closely watched by the Federal Reserve, which adjusts interest rates, most recently increasing, in an attempt to cool the economy and tamp related inflation.

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