Inflation increases more than expected last month

The Consumer Price Index, which measures the changes in prices paid by consumers for goods and services, increased 0.4% in March and 3.5% over the prior year in March, according to the U.S. Department of Labor's Bureau of Labor Statistics. 

This is a rise from February's 3.2% rate and marks the highest annual gain in the past six months. The index for shelter and gasoline increased in March, contributing over half of the monthly increase in the index for all items. The energy index rose 1.1%, the food index rose 0.1% and the food away from home index rose 0.3%. 

Additionally, the all items less food and energy index rose 3.8% over the last 12 months, and the energy index increased 2.1% for the 12 months ending in March, the first 12-month increase in that index since the period ending in February 2023. 

Read more: Bureau of Labor Statistics 

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