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Prices for new cars fell 0.3 percent, the largest monthly decline in three years. Airline fares and clothing prices also fell. Monthly rents and used car prices increased. Gas prices rose sharply in February after falling at the end of 2012. The national average price for a gallon of gas jumped from $3.42 on Jan. 31 to $3.78 on Feb. 28. Since then, however, gas prices have come down a bit. They averaged $3.70 per gallon on Thursday, according to AAA's Daily Fuel Gauge Report. An increase in gas prices also drove a measure of wholesale prices up in February by the most in five months. The government said the producer price index rose 0.7 percent last month. The index measures prices before they reach the consumer. The unemployment rate is still high at 7.7 percent. As long as the inflation outlook stays mild, the Fed said it plans to keep the short-term interest rate it controls near zero until the unemployment rate falls to at least 6.5 percent. The Fed will hold a two-day meeting next week and economists expect the central bank will keep its low-interest-rate policies unchanged.
[Associated
Press;
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