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.