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NYT: Inflation Cools to 5% in March, but It’s a Long Road Back to Normal

Inflation Cools to 5% in March, but It’s a Long Road Back to Normal

WASHINGTON — Inflation moderated notably in March as a decline in gas prices helped to pave the way for the slowest pickup in prices in nearly two years, providing relief for many American consumers and some evidence that the Federal Reserve’s campaign to raise interest rates and cool the economy is beginning to work.

The Consumer Price Index climbed 5 percent in the year through March, down from 6 percent in February. That marked the slowest pace of price increases since May 2021.

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