MNI BRIEF: US CPI Jumps 0.6% in Biggest Rise Since 2012

U.S. consumer prices jumped 0.6% in March on the back of higher gasoline costs, the biggest one month increase since August 2012 and following a 0.4% gain the prior month, the Labor Department said Tuesday.

Prices rose 2.6% over the 12-month period, a sharp spike above February's 1.7% increase. That's above the Fed's 2% target but the overshoot is expected to the temporary effect of comparison's to the depths of Covid-19. Federal Reserve officials are debating whether their super easy monetary policies risk a sustained bout of higher inflation, but most policymakers believe there is ample slack to absorb any pent-up demand as the Covid-19 recession ebbs.