Inflation slowed to 2.4% in the 12 months through March, as measured by the consumer-price index. That undershot the 2.6% forecast by economists polled by The Wall Street Journal.

On a core basis, excluding volatile food and energy, inflation slowed to 2.8%, also a deceleration from February, and also undershooting expectations.

Monthly rates also undershot expectations. CPI fell 0.1% in March, while core CPI rose 0.1%, the Labor Department’s Bureau of Labor Statistics said.

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