Stocks surged today as inflation came in at the lowest print of the year, but the U.S. would need deflation through the end of the year for the Fed to reach its 2% inflation target for 2024.
Today’s inflation print points to a resurgence in inflation. In the U.S. inflation rose by 0.4% in March, failing to hit analysts’ 0.3% expectations. For Iowans, prices rose 0.7% last month.
Inflation in Iowa has significantly cooled since peaking in 2022, with essentials like gas and household energy decreasing in prices over the last year. This is good news for Iowans whose wages have not kept up with inflation since the pandemic hit in 2020.