WASHINGTON (AP) — U.S. consumer prices increased a sharp 0.6% in March, the biggest increase since 2012, while inflation over the past year rose a sizable 2.6%. The big gains were expected to be a temporary blip and not a sign that long dormant inflation pressures were emerging. The Labor Department reported Tuesday that the March increase in its consumer price index followed a 0.4% increase in February and was the biggest one-month gain since a 0.6% rise in August 2012. While the 2.6% advance was significantly higher than the Federal Reserve’s 2% target for inflation, the jump reflected in large part the fact that a year ago prices were actually falling as the pandemic shut down the country.
