The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending in the month of March.

The Commerce Department said personal income climbed by 0.5 percent in March after rising by 0.3 percent in February.

Disposable personal income, or personal income less personal current taxes, also rose by 0.5 percent in March after edging up by 0.2 percent in February.

The report also said personal spending advanced by 0.8 percent for the second straight month.

Excluding price changes, personal spending climbed by 0.5 percent for the second consecutive month.

With spending increasing by more than income, personal saving as a percentage of disposable personal slumped to 3.2 percent in March from 3.6 percent in February.

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