April 10, 2024
The Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4 percent on a seasonally adjusted basis in March 2024, the same increase as in February 2024, according to the U.S. Bureau of Labor Statistics. Over the past year, the all items index climbed by 3.5 percent before seasonal adjustment.
In March, The Consumer Price Index (CPI) saw a notable rise driven primarily by increases in the shelter and gasoline indexes, which together accounted for over half of the overall monthly increase. The shelter index, indicative of housing costs, experienced a surge alongside a rise in gasoline prices. Additionally, the energy index increased by 1.1 percent during the same period. However, the food index saw a more modest uptick of 0.1 percent, with no change in the food at home index and a slight increase of 0.3 percent in the food away from home index.
In March, the Consumer Price Index (CPI) for all items excluding food and energy continued its steady rise, increasing by 0.4 percent for the third consecutive month. Key contributors to this increase were notable rises in indexes such as shelter, motor vehicle insurance, medical care, apparel, and personal care. Conversely, certain indexes experienced decreases, including used cars and trucks, recreation, and new vehicles.
Over the 12-month period ending in March, the Consumer Price Index (CPI) saw a notable acceleration in inflation, with the all items index rising by 3.5 percent, surpassing the 3.2-percent increase observed in the previous 12-month period ending in February. Particularly significant was the 3.8-percent increase in the all items index excluding food and energy. This surge was accompanied by a 2.1-percent rise in the energy index, marking the first 12-month increase since February 2023, while the food index increased by 2.2 percent over the same period.
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