Inflation rose faster than expected in March

(CNN)– Inflation remained stubbornly high last month but it hasn’t stopped Americans from spending. According to data released by the commerce department inflation rose faster than expected last month.

That from the federal reserve’s preferred inflation gauge. The personal consumption expenditures price index rose to 2.7% for the year ending in March.

That rate was above economists’ expectations for a 2.6% gain and also landed above February’s reading of two and a half percent.

Economists had expected consumers to pull back but consumer spending remained strong.

It jumped .8% equaling the blistering pace seen a month before.