WASHINGTON—Inflation hit an important milestone on Monday for Federal Reserve officials as they prepare for a policy meeting in Washington, fresh evidence that the long economic expansion is rousing dormant consumer prices. The Commerce Department’s price index for personal-consumption expenditures, the Fed’s preferred inflation gauge, was up 2% from a year earlier in March, the first time in more than a year it was on target. Inflation is now above the median of Fed officials’ projections from their March meeting, which...

Source: Wall Street Journal April 30, 2018 13:06 UTC