The US CPI report for March has just been released. It tracks the average change in prices over time, paid by consumers for goods and services. The March CPI report provides data on prices in the different regions of the US, including average prices for certain utilities, fuel, and food items in March.
US CPI Report for March
In the US CPI report for March, the headline and core CPI increased by 0.1 percentage points more than expected. The core CPI, which excludes food and energy, has shown three consecutive months of 0.4% increases, the strongest streak since early last year.
However, in the US report for March, the headline CPI jumped to 3.5%, while the core CPI remained at 3.8%, surpassing economists’ predictions compared to a year ago.
In the US report for March, housing and gasoline prices were major factors contributing to over half of the overall CPI increase. Shelter costs, particularly rent and owners’ equivalent rent, remained high, defying expectations for easing, according to Fed policymakers concerning the US report for March.
Major Factors that Affected US March CPI Report
In the US March CPI report, the super core services gauge, excluding housing, increased 0.65% for the month, following previous months’ gains of 0.47% and 0.85%. Car insurance and medical care costs were notable factors in this rise.
In March, the food index increased by 0.1%, while the index for food at home stayed the same. The index for other food at home dropped by 0.5%, mostly due to a 5.0% decrease in the price of butter. The cereals and bakery products index went down by 0.9%, the largest monthly decrease ever reported in that series since 1989.
The US March CPI report showed an increase of 0.9% in the index for meats, poultry, fish, and eggs, with the index for eggs increasing by 4.6% during the month.
In the US March CPI report, the energy index increased by 1.1%, following a 2.3% increase in February. Gasoline prices increased by 1.7% in March.
In the March consumer price index report, the electricity index rose by 0.9 percent, while the natural gas index stayed the same for the month. On the year-over-year basis, the energy index rose by 2.1 percent.
In the March consumer price index report, the index for all items except food and energy increased by 0.4%, just like the previous two months. The shelter index increased by 0.4% in March, which was found to be the main factor in the monthly increase for all items, excluding food and energy.
In the March consumer price index report, the index for motor vehicle insurance increased by 2.6%, following a 0.9% increase in February. Some other indexes that also showed an increase in the March consumer price index report include personal care, education, and household furnishings and operations.
The medical care index increased by 0.5% in the March consumer price index report after staying the same in February. The hospital services index rose 1.0% during the month, and the physicians’ services index increased by 0.1%. The prescription drugs index also rose by 0.3 percent in the March consumer price index report.
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