The US Department of Labor announced inflation data for March.
Accordingly, the cost of living of American consumers increased by 0.1 percent in March compared to the previous month. Market expectations were for the CPI to increase by 0.2 percent on a monthly basis in the said period. CPI, which increased below expectations, increased by 0.4 percent on a monthly basis in February.
CPI in the country increased by 5 percent on an annual basis in March. Expectations were for the CPI to increase by 5.2 percent on an annual basis in this period. Annual inflation, which continued to slow and fell to its lowest level since May 2021, was 6 percent in February.
Housing costs remained the driver of inflation
In the said period, the increase in housing prices was the most influential item in the monthly rise in inflation. The housing index increased by 0.6 percent on a monthly basis and by 8.2 percent on an annual basis in March.
In the same period, energy prices decreased. The energy index decreased by 3.5 percent monthly and 6.4 percent annually in March.
The food index, on the other hand, did not change on a monthly basis in March, but increased by 8.5 percent annually.
Core inflation remained in line with expectations
Core CPI, which does not include variable energy and food prices, increased by 0.4 percent monthly and 5.6 percent annually in March.
In the said period, core inflation was realized in line with market expectations on a monthly and annual basis. Core CPI rose 0.5 percent monthly and 5.5 percent annually in February.
Inflation in the US reached 9.1 percent in June 2022, the highest level since November 1981.