Although consumer prices are still higher than a year ago, the pace of price increases slowed in March.
The Consumer Price Index rose 0.1 percent in March on a seasonally adjusted basis, after increasing 0.4 percent in February, the U.S. Bureau of Labor Statistics reported. This was the smallest 12-month increase since the end of May 2021.
Over the last 12 months, the all items index increased 5 percent before seasonal adjustment.
The index for shelter was by far the largest contributor to the monthly all items increase, with the index increasing 0.6 percent in March after increasing 0.8 percent in February.
Indexes which increased in March also include motor vehicle insurance, airline fares, household furnishings and operations and new vehicles.