Stubbornly high U.S. inflation grew stronger than expected in March

(CNN) – Surging gas prices and sky-high mortgages and rent sent inflation rising more than expected in March, adding to Americans’ prolonged and painful battle with high costs. That could force the Federal Reserve to keep its punishing rates higher for longer. U.S. consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. Related Stories That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months. Wednesday’s report further highlights that the path to lower inflation remains extremely bumpy – and continue to be a drag on Americans’ hard-earned finances – and that any loosening of monetary policy might not happen soon. President Joe Biden acknowledged Wednesday there is “more to do” to bring down inflation. “Today’s report shows inflation has fallen more than 60% from its peak, but we have more to do to lower costs for hardworking families. Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago,” Biden said...