Stocks climbed in Europe and Asia on Thursday after a key measure of inflation in the U.S. came in lower than expected, easing worries that price pressures could push interest rates higher.

Shares rose in Paris, Frankfurt and Tokyo on Thursday and U.S. futures also were higher. The Shanghai Composite index jumped 2.4% as China ended its annual legislative session with no major changes in policy.

The Labor Department reported that U.S. consumer prices, a key measure of inflation at the consumer level, rose 0.4% in February, the biggest gain in six months, led by a jump in gasoline prices. But core inflation, excluding food and energy, posted a much smaller 0.1% gain, easing fears that the inflation might surge as the economy recovers from the pandemic.

The timing could not have been better, Stephen Innes of Axi said in a commentary.

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