Price pressures remained elevated in March, fresh data from the Commerce Department showed Friday, as the personal consumption expenditures (PCE) price index exceeded forecasts.

The PCE, excluding food and energy costs, increased 2.8% over the past year, slightly ahead of the 2.7% projection. Including food and energy, the total PCE was 2.6%, topping the 2.7% prediction.

Both figures rose by 0.3% for the month, indicating that inflation is far from going away. The new data also shows that consumers are continuing to spend despite the elevated prices.

Consumer spending increased 0.8% in March, just above the 0.7% estimate. Personal income increased 0.5%, in line with expectations and higher than the 0.3% increase in the previous month.

The report comes on the heels of a market-rocking announcement of disappointing economic growth in the US. The gross domestic product (GDP) grew 1.6% in the first quarter, far below the 2.4% projected.

This is a developing story. Please check back for updates.

Inflation