Stubbornly high USxa0inflationxa0grew stronger than expected in March

Surging gas prices and rising inflation in the US may force the Federal Reserve to maintain higher interest rates for a longer period. Consumer prices in the country increased by 3.5% for the 12 months ending in March. This marks the highest annual gain in the last six months and exceeds expectations. The report highlights the challenges in reducing inflation and suggests that monetary policy may not be relaxed soon. President Joe Biden acknowledged the need to address inflation, as housing and grocery prices remain high, while some household items have seen lower prices.