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As long as the inflation rate stays mild, the Fed has said it plans to keep the short-term interest rate it controls at a record low near zero until the unemployment rate falls below 6.5 percent. Unemployment in March dropped to a four-year low of 7.6 percent but the number of jobs created slowed to just 88,000, the smallest in nine months. A rise in wholesale prices does not always mean consumers will soon pay more. High unemployment and weak pay gains have made it difficult for retailers to pass on higher costs to consumers. The government's consumer price index rose 0.7 percent in February, the biggest one-month jump in more than three years. But three-fourths of that increased reflected a surge in gas prices. Outside of energy, inflation was mostly modest. For the 12 months ending in February, consumer prices increased a modest 2 percent.
[Associated
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