Updated: 10-Apr-24 09:08 ET
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Updated: 10-Apr-24 09:08 ET |
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Highlights
- Total CPI was up 0.4% month-over-month in March (Briefing.com consensus 0.3%) while core CPI, which excludes food and energy, was also up 0.4% (Briefing.com consensus 0.3%).
- On a year-over-year basis, total CPI increased 3.5%, accelerating from 3.2% in February, and core CPI was up 3.8% for the second consecutive month.
- The index for shelter (+0.4%) remained a significant contributor to the overall increase while the index for gasoline (+1.7%) was also a notable source of inflation in March.
Key Factors
- The food index was up 0.1% month-over-month and up 2.2% year-over-year.
- The energy index was up 1.1% month-over-month and up 2.1% year-over-year.
- The used cars and trucks index was down 1.1% month-over-month and down 2.2% year-over-year.
- The apparel index was up 0.7% month-over-month and up 0.4% year-over-year.
- The all items index less food, shelter, and energy was up 0.5% month-over-month and up 2.4% year-over-year.
Big Picture
- The key takeaway from the report is that the yr/yr reading of headline CPI accelerated for the second consecutive month, which will boost expectations for ongoing hawkishness from FOMC officials, in turn pressuring expectations for a rate cut in June.
Category |
MAR |
FEB |
JAN |
DEC |
NOV |
All Items |
0.4% |
0.4% |
0.3% |
0.2% |
0.2% |
Food and Beverages |
0.1% |
0.0% |
0.4% |
0.2% |
0.2% |
Housing |
0.4% |
0.4% |
0.6% |
0.3% |
0.4% |
Equivalent Rent |
0.4% |
0.4% |
0.6% |
0.4% |
0.5% |
Apparel |
0.7% |
0.6% |
-0.7% |
0.0% |
-0.6% |
Transportation |
0.8% |
1.4% |
-0.6% |
0.1% |
-0.2% |
Vehicles |
-0.2% |
0.6% |
-1.4% |
-0.3% |
0.9% |
Motor Fuel |
1.7% |
3.8% |
-3.3% |
-0.6% |
-4.0% |
Medical Care |
0.5% |
0.0% |
0.5% |
0.4% |
0.5% |
Educ and Commun |
0.0% |
0.4% |
0.4% |
0.1% |
-0.3% |
Special Indices |
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Core |
0.4% |
0.4% |
0.4% |
0.3% |
0.3% |
Energy |
1.1% |
2.3% |
-0.9% |
-0.2% |
-1.6% |
Services |
0.5% |
0.5% |
0.7% |
0.4% |
0.5% |