Why it matters: Inflation remains a major concern for businesses. For the seventh consecutive quarter over half (52%) of small businesses cited inflation as a top challenge in the Chamber and MetLife’s Small Business Index.
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Details: The Consumer Price Index, the broadest measure of consumer prices, rose 3.5% annually in March, up from 3.2% in February. This is above the Federal Reserve’s 2% target rate.
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• Core prices, which strips out volatile elements like food and energy, rose 3.8% on an annual basis. The Fed looks at closely at this metric.

Looking ahead: The Fed will likely hold interest rates where they are as it allows more time for previous rate increases to lower inflation.