growth in the us slowed considerably during the first three months of the year as interest rate increases and inflation took hold of an economy largely expected to decelerate even further ahead gross domestic product a measure of all goods and services produced for the period rose at a 11 annualized pace in the first quarter the commerce department reported thursday economists surveyed by dow jones had been expecting growth of 2 the growth rate followed a fourth quarter in which gdp rose 26 the report also showed that the personal consumption expenditures price index an inflation measure that the federal reserve follows closely increased 42 ahead of the 37 estimate this is breaking news please check back here for updates