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Inflation continued to retreat in March as energy prices pulled back from a year ago, when they began to spike due to Russia’s invasion of Ukraine.
But swings in gasoline and other energy mask price pressures that, while easing, remain under the surface, economists said.
“It’s improving and the economy is cooling, but it’s still far from tepid,” Diane Swonk, chief economist at KPMG, said of inflation.
The consumer price index, a key gauge of inflation, rose by 5% in March relative to 12 months earlier, the U.S. Bureau of Labor Statistics said Wednesday.
The index measures price changes across a broad basket of consumer goods and services, like food, housing,…