The Fed's favored core inflation measure rose rapidly in March

The Federal Reserve's preferred measure of underlying U.S. inflation rose rapidly in March, adding to concerns about persistent price pressures. The core PCE index, which excludes volatile food and energy components, rose 0.3 percent from the previous month and 2.8 percent from a year earlier, according to published data. The overall PCE index also rose 0.3 percent month-on-month from February and 2.7 percent from a year earlier. The inflation-adjusted monthly rate for real personal consumption expenditures rose 0.5 percent, higher than expected and the largest gain so far this year.