U.S. inflation for March has surged more than anticipated thanks to soaring gas prices and top-dollar mortgage rates, creating concern that the Federal Reserve may scrap its plans for a rate cut in June. U.S. consumer prices increased 3.5% for the 12 months ended in March, according to the Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) released on Wednesday. The 3.5% increase for March compares to a 3.2% increase for the previous month. The primary driver of higher inflation for March was gasoline prices. The Federal…
