After more than a year of steady declines, inflation is ticking up again. But economists say this is just a temporary blip.

Coming on top of its previous rate hikes, the Fed’s latest move could lead to further increases in the costs of mortgages, auto loans, credit cards and business borrowing.

Wages are now rising faster than prices. The Federal Reserve isn’t ready to declare victory yet, since inflation isn’t consistently falling yet.

The Fed will likely announce that it’s skipping a rate hike but may resume raising rates as soon as July.

Consumer prices were up just 5% in March, down sharply from February’s 6% year-over-year increase and the mildest such rise in nearly 2 years.

With the recent collapse of Signature and Silicon Valley banks, the agency may have to shift its focus from taming inflation to boosting confidence in financial institutions.

High costs keep pressure on the Federal Reserve to raise its benchmark interest rate further and to keep it there through year’s end.