Consumer Price Index Increases 0.1% in March; All-Item Index Up 5.0% Year-Over-Year

The US Bureau of Labor Statistics on Wednesday (4-12-23) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in March, on a seasonally adjusted basis, after increasing 0.4% in February and 0.5% in January. Over the past 12 months, the all-item index has increased 5.0% before seasonal adjustment.

According to the BLS, the index for shelter once again was the largest contributor to the monthly all items increase. The increase in shelter 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, with the food at home index declining 0.3%.

The index for all items less food and energy rose 0.4 in March after increasing 0.5% in February and 0.4% in January. The following categories posted increases: shelter, motor vehicle insurance, airline fares, housing hold furnishings and operations, and new vehicles. The index for medical care and the index for used cars and trucks were among those posting decreases in March.

The index for all items less food and energy for the 12-month period ending in March rose 6.0%. This is the smallest 12-month increase since the period ending in May 2021. The all items less food and energy index rose 5.6% over the last 12 months. The energy index declined 6.4% year-over-year, and the food index rose 8.5%.