Inflation Slowed to 5% in March
Washington, DC, April 12, 2023-The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in March on a seasonally adjusted basis, after increasing 0.4% in February, the U.S. Bureau of Labor Statistics reported.
This is the lowest rate in nearly two years.
Over the last 12 months, the all-items index increased 5.0% before seasonal adjustment.
The index for shelter was by far the largest contributor to the monthly all items increase. This more than offset a decline in the energy index, which decreased 3.5% over the month as all major energy component indexes declined.
The food index was unchanged in March with the food at home index falling 0.3%.
The index for all items less food and energy rose 0.4% in March, after rising 0.5% in February. Indexes which increased in March include shelter, motor vehicle insurance, airline fares, household furnishings and operations, and new vehicles. The index for medical care and the index for used cars and trucks were among those that decreased over the month.
The all-items index increased 5.0% for the 12 months ending March; this was the smallest 12-month increase since the period ending May 2021. The all-items less food and energy index rose 5.6% over the last 12 months. The energy index decreased 6.4% for the 12 months ending March, and the food index increased 8.5% over the last year.