The Consumer Price Index for All Urban Consumers (CPI-U) saw a 0.1 percent increase in March on a seasonally adjusted basis, with the shelter index being the largest contributor.
According to the U.S. Bureau of Labor Statistics, the CPI-U increased by 0.1 percent in March 2023, following a 0.4 percent increase in February. Over the last 12 months, the all items index rose by 5.0 percent before seasonal adjustment.
The shelter index was the largest contributor to the monthly all items increase, more than offsetting a 3.5 percent decline in the energy index, which saw a decrease in all major energy component indexes. The food index remained unchanged in March, with the food at home index falling by 0.3 percent.
The index for all items less food and energy rose by 0.4 percent in March, following a 0.5 percent increase in February. Indexes that increased in March include shelter, motor vehicle insurance, airline fares, household furnishings and operations, and new vehicles. The medical care index and the used cars and trucks index were among those that decreased over the month.
The all items index saw a 5.0 percent increase for the 12 months ending March, which was the smallest 12-month increase since the period ending May 2021. The all items less food and energy index rose by 5.6 percent over the last 12 months. The energy index decreased by 6.4 percent for the 12 months ending March, while the food index increased by 8.5 percent over the last year.
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