US inflation eased to lowest level in nearly two years in March

US inflation eased last month to its lowest level in nearly two years but an uptick in core prices will keep pressure on the Federal Reserve to press ahead with another interest rate increase in May.

The consumer price index for March rose by 5 per cent year-on-year, according to data published by the Bureau of Labor Statistics on Wednesday. That marks a significant deceleration compared with the 6 per cent recorded in February as well…