U.S. Consumer Prices Climb By Most In Over Eight Years

U.S. consumer prices climbed by the most in over eight years in March, according to data released by the Department of Labor.

• The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in March, after a 0.4% rise recorded in February. The index fell by 0.3% in March 2020.
• The March month-on-month increase was the largest rise since a 0.6% increase in August 2012.
• Year-on-year, the index grew 2.6% from the same month in 2020, larger than the 1.7% reported in February.
• The gasoline index, which accounted for nearly half of the increase in the index, rose 9.1% in March, with the natural gas index contributing to a 5.0% increase in the energy index.
• The food index grew 0.1% in March, with both the food at home index and the food away from home indices rising 0.1%.
• Excluding food and energy items, inflation rose 0.3% in March.
• Increases were recorded in motor vehicles, recreation, household furnishings, and operations, while decreases were seen in apparel and education.