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Still, few workers are receiving pay raises, which makes even a small amount of inflation challenging for most Americans. Average hourly wages, adjusted for inflation, fell for the third month in a row, the department said Friday. Fed chairman Ben Bernanke has acknowledged that rising gas prices have boosted inflation. But he has maintained that the increases are likely temporary. Most economists expect the Fed won't announce any new policy initiatives at its April 24-25 meeting. Policymakers appear less inclined to take further steps to boost growth. Minutes from their March 13 meeting showed only a couple members expressed support for purchasing more bonds as a way to drive down long-term interest rates and promote more borrowing and spending. A report Thursday indicated that inflation pressures aren't increasing much at the wholesale level. The producer price index, which measures price changes before they reach the consumer, was unchanged in March. Rising costs for food and pickup trucks were offset by a drop in wholesale gas prices.
In the past 12 months, wholesale prices rose 2.8 percent, the smallest year-over-year rise since June 2010. Excluding food and gas, core wholesale prices rose 0.3 percent and 2.9 percent in the past year.
[Associated
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