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For the first time in almost five years inflation surpassed the Federal Reserve’s 2% annual goal.
That is according to the Commerce Department, which said the personal-consumption expenditures price index advanced 0.1% from February, growing 2.1% from last year, the Wall Street Journal reports. The results are the strongest measured since March 2012 and suggest the economy is finally kicking back into gear after a slow recovery.
The strong inflation reading could also give the Fed the incentive needed to raise interest rates a few more times this year. Most Fed officials forecast two more rate moves in 2017, but a growing number are starting to suggest the economy needs three more moves.
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