The annual personal consumption expenditures price index (PCE) jumped 0.7% in March, marking the largest gain since June 2022, after an unrevised 0.4% rise in February. This increase was in line with economists' expectations. In the 12 months through March, PCE inflation rose by 3.5%, the biggest rise since May 2023, after increasing 2.8% in February, according to the Commerce Department's Bureau of Economic Analysis. Consumer spending, accounting for over two-thirds of the US economy, surged 0.9% after rising 0.6% in Feb. The average national retail gasoline price rose by 24.1% in April, reaching its highest level in nearly four years.