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US inflation cooled to 2.3% in March, down from 2.7% in February, nearing the Federal Reserve's 2% target. Energy prices fell significantly, while food prices rose sharply. Consumer spending unexpectedly jumped 0.7%, the highest monthly increase in over two years, likely driven by pre-tariff purchases. However, this positive spending data contrasts with a first-quarter economic contraction and reduced job growth, highlighting uncertainty surrounding the impact of President Trump's economic policies.

Prepared by Christopher Adams and reviewed by editorial team.