Consumer cost increase provokes inflation fears

WASHINGTON -- Rising prices for gasoline, air travel and clothing propelled consumer costs 0.5 percent higher in March, raising the possibility that the Federal Reserve may raise interest rates this summer. Wednesday's reading on the Consumer Price Index, the government's most closely watched inflation measure, revived concerns about the prospects of an inflation flare-up now that the economy is rebounding, economists said. Especially jolting was the 0.4 percent increase in core consumer prices, excluding energy and food costs. The increase was 0.2 percent in both January and February.

High expectations make Intel Corp. shares fall

SAN JOSE, Calif. -- Intel Corp.'s shares fell Wednesday after the chip maker reported first-quarter results that missed Wall Street's expectations despite stronger demand from businesses for computers and other high-tech gear. Intel also said after the market closed Tuesday that it expects the current quarter's revenue to be between $7.6 billion and $8.2 billion. Though the midpoint is below analysts' consensus expectation of $8.09 billion, it's above historical declines in the second quarter, one of the weakest periods of the year.

-- From wire reports