CPI exceeds expectations in March; half due to high gas prices
On a seasonally-adjusted basis, overall consumer prices rose 1.2 percent in March, with the Bureau of Labor Statistics reporting the overall consumer price index (CPI) grew by 8.6 percent over the 12-month period. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in a new Macro Data Flash report.
“According to data released by the Bureau of Labor Statistics, inflation was 1.2 percent in March, which pushed year-over-year price growth to 8.6 percent,” said Long. “The energy index shot up 11.0 percent during the month.
“Gasoline prices in particular jumped 18.3 percent in March, accounting for over half of the all-items monthly increase,” Long added. “However, recently oil prices have stabilized and even receded slightly.”
Core prices (excluding food and energy costs) rose 0.3 percent compared to February. Year-over-year core CPI growth was 6.4 percent.
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