Inflation accelerated in March for the third straight month thanks to a jump in the cost of gasoline and rent, underscoring the challenge of taming price pressures within the economy.

The Labor Department said Wednesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.4 in March from the previous month. Prices climbed 3.5% from the same time last year, above the 3.2% figure recorded in February. 

Both of those figures came in higher than the 0.3% monthly increase and 3.2% headline gain forecast by LSEG economists.

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