March 2024 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in March on a seasonally adjusted basis, the same increase as in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.5 percent before seasonal adjustment.

The index for shelter rose in March, as did the index for gasoline. Combined, these two indexes contributed over half of the monthly increase in the index for all items. The energy index rose 1.1 percent over the month. The food index rose 0.1 percent in March. The food at home index was unchanged, while the food away from home index rose 0.3 percent over the month.

The index for all items less food and energy rose 0.4 percent in March, as it did in each of the 2 preceding months. Indexes which increased in March include shelter, motor vehicle insurance, medical care, apparel, and personal care. The indexes for used cars and trucks, recreation, and new vehicles were among those that decreased over the month.

The all items index rose 3.5 percent for the 12 months ending March, a larger increase than the 3.2-percent increase for the 12 months ending February. The all items less food and energy index rose 3.8 percent over the last 12 months. The energy index increased 2.1 percent for the 12 months ending March, the first 12-month increase in that index since the period ending February 2023. The food index increased 2.2 percent over the last year.

Food

The food index increased 0.1 percent in March, while the food at home index was unchanged. Both indexes were unchanged in February. Three of the six major grocery store food group indexes decreased over the month while the remaining three had price advances. The index for other food at home decreased 0.5 percent in March, led by a 5.0-percent decline in the index for butter. The cereals and bakery products index decreased 0.9 percent over the month, the largest 1-month seasonally adjusted decrease ever reported in that series, which dates to 1989. The index for dairy and related products declined 0.1 percent in March.

The index for meats, poultry, fish, and eggs rose 0.9 percent in March, as the index for eggs rose 4.6 percent over the month. The nonalcoholic beverages index also increased in March, rising 0.3 percent. The index for fruits and vegetables increased 0.1 percent over the month.

The food away from home index rose 0.3 percent in March, after rising 0.1 percent in February. The index for limited service meals rose 0.3 percent, and the index for full service meals increased 0.2 percent over the month.

The food at home index rose 1.2 percent over the last 12 months. The index for other food at home rose 1.4 percent over the 12 months ending in March, and the index for fruits and vegetables increased 2.0 percent over the year. The nonalcoholic beverages index increased 2.4 percent over that period. The index for meats, poultry, fish, and eggs rose 1.3 percent over the 12 months ending in March, and the index for cereals and bakery products increased 0.2 percent. In comparison, the dairy and related products index fell 1.9 percent over the year.

The index for food away from home rose 4.2 percent over the last year. The index for limited service meals rose 5.0 percent over the last 12 months, and the index for full service meals rose 3.2 percent over the same period.

Energy

The energy index rose 1.1 percent in March, after increasing 2.3 percent in February. The gasoline index increased 1.7 percent in March. (Before seasonal adjustment, gasoline prices rose 6.4 percent in March.) The index for electricity rose 0.9 percent in March, while the index for natural gas was unchanged over the month. The fuel oil index decreased 1.3 percent in March.

The energy index increased 2.1 percent over the past 12 months. The gasoline index rose 1.3 percent, and the electricity index increased 5.0 percent over this 12-month span. In comparison, the index for natural gas decreased 3.2 percent over the last 12 months and the index for fuel oil fell 3.7 percent.

All items less food and energy

The index for all items less food and energy rose 0.4 percent in March, as it did the previous 2 months. The shelter index increased 0.4 percent in March and was the largest factor in the monthly increase in the index for all items less food and energy. The index for rent rose 0.4 percent over the month, as did the index for owners' equivalent rent. The lodging away from home index increased 0.1 percent in March, as it did in February.

The motor vehicle insurance index rose 2.6 percent in March, following a 0.9-percent increase in February. The index for apparel increased 0.7 percent over the month. Among other indexes that rose in March were personal care, education, and household furnishings and operations.

The medical care index rose 0.5 percent in March after being unchanged in February. The index for hospital services rose 1.0 percent over the month and the index for physicians' services increased 0.1 percent. The prescription drugs index rose 0.3 percent in March.

The index for used cars and trucks fell 1.1 percent in March, following a 0.5-percent increase in February. Over the month, the recreation index fell 0.1 percent over the month, the new vehicles index decreased 0.2 percent, and the airline fares index declined 0.4 percent.

The index for all items less food and energy rose 3.8 percent over the past 12 months. The shelter index increased 5.7 percent over the last year, accounting for over sixty percent of the total 12-month increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+22.2 percent), medical care (+2.2 percent), recreation (+1.8 percent), and personal care (+4.2 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5 percent over the last 12 months to an index level of 312.332 (1982-84=100). For the month, the index increased 0.6 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12 months to an index level of 306.502 (1982-84=100). For the month, the index increased 0.7 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.4 percent over the last 12 months. For the month, the index increased 0.7 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.