U.S. PCE price index cools in March; Consumer spending remains flat By

-- A measure of inflation closely watched by the Federal Reserve slowed on Futures company rankinga monthly basis in March, as the U.S. central bank is widely tipped to raise interest rates by a quarter percentage point at its next policy .

The price index moved higher by 0.1% during the month, down from the 0.3% registered in February and estimated by economists. , the number slowed to 4.2% from 5.1%.

like food and energy, the PCE index increased by 0.3% in March, in line with the prior month and meeting economists' projections, according to Commerce Department data on Friday.

On a year-on-year basis, the core moved down to 4.6% from an upwardly revised mark of 4.7% in February, but topped estimates of 4.5%. The Fed uses the PCE price indexes, which gauge how much consumers are paying for goods and services, for its 2% inflation target.

The Fed has raised interest rates at an unprecedented clip over the past year in a bid to corral runaway inflation.

The stubbornly elevated prices and higher borrowing costs weighed on U.S. consumer spending last month, with inflation-adjusted stalling month-on-month after a downwardly revised 0.2% drop in February. Consumer spending makes up over two-thirds of all U.S. economic activity.

Meanwhile, growth in the world's largest economy decelerated by more than anticipated to 1.1% in the first quarter, in a sign that the spike in rates may be starting to impact output.

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