Consumer Prices Rose 1.2% in March to 40-Year High

Washington, DC, April 12, 2022-The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March on a seasonally adjusted basis after rising 0.8% in February, the U.S. Bureau of Labor Statistics reported. 

Over the last 12 months, the all items index increased 8.5% before seasonal adjustment.

Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase. The gasoline index rose 18.3% in March and accounted for over half of the all items monthly increase; other energy component indexes also increased. The food index rose 1.0%, and the food at home index rose 1.5%. 

The index for all items less food and energy rose 0.3% in March following a 0.5% increase the prior month. The shelter index was by far the biggest factor in the increase, with a broad set of other indexes also contributing, including those for airline fares, household furnishings and operations, medical care, and motor vehicle insurance. In contrast, the index for used cars and trucks fell 3.8% over the month

The all items index continued to accelerate, rising 8.5% for the 12 months ending March, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.5%, the largest 12-month change since the period ending August 1982. The energy index rose 32.0% over the last year, and the food index increased 8.8%, the largest 12-month increase since the period ending May 1981.