Economy 'hanging in there' as reports show slow growth, rising inflation

The US government released key economic figures, showing slow growth and rising inflation. The personal consumption expenditures price index was up 3.5% compared to last March, the highest annual rate of inflation in nearly three years. Bankrate principal analyst Ted Rossman said the economy is 'hanging in there' despite headwinds, but the war in Iran is a drag on the economy and could cause more prices to rise. The Federal Reserve left its benchmark interest rate unchanged, citing concerns about inflation. The Fed has a dual mandate of price stability and maximum employment. Rossman said the Fed is more concerned about inflation at the moment.