The Bureau of Labor Statistics reported that the consumer price index rose 0.9% in March, the largest monthly increase since June 2022, with a 21.2% increase in gasoline prices (the largest single-month increase in the index’s history) accounting for nearly three-quarters of the monthly increase.
Consumer prices rose 0.9% in March from the previous month, the largest monthly increase since June 2022, as gasoline prices recorded the largest single-month increase since the index was first published in 1967, the U.S. Bureau of Labor Statistics said Friday.
The consumer price index for all urban consumers rose 3.3% on an annual basis, up from 2.4% in the 12 months ended February, according to the BLS.
The energy index rose 10.9% in March, driven by a 21.2% rise in gasoline prices, accounting for nearly three-quarters of the month’s rise in all items. Fuel oil prices rose 30.7% for the month, the largest monthly increase since February 2000, according to the BLS report.
The BLS reported that the shelter index rose 0.3% in March, but the food index was flat as lower grocery store prices offset a 0.2% rise in out-of-home groceries.
The index for all items except food and energy rose 0.2% in March, with airfares, clothing, household equipment and businesses, education and new cars rising, while health care, personal care and used cars and trucks fell.
The index for all items excluding food and energy rose 2.6% for the year, following a 2.5% rise in the 12 months to February.
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