"March CPI Report Sparks Stock Plunge Amid Surging Inflation"

The consumer price index (CPI) report shows that inflation rose to 3.5% in March, driven by increasing costs of rent and gasoline, prompting questions about potential Federal Reserve interest rate cuts. Core inflation, excluding food and energy, remained at 3.8%. The rise in inflation may delay expected rate cuts, with some economists predicting a decrease in September at the earliest. Stock prices weakened in response to the news, and President Biden emphasized the need to further lower costs. Gas prices rose due to the Russia-Ukraine war, while rent and some service costs continued to increase, though grocery prices remained relatively stable.