The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in March, up from a 2.8% gain in February. Gasoline prices contributed the most to the year-over-year headline acceleration, as prices at the pump rose faster in March compared with February. Excluding gasoline, the all-items CPI slowed to a 2.8% year-over-year increase, down from a 2.9% gain in February.
Shelter prices continued to apply upward pressure in March, with the mortgage interest cost and rent indexes contributing the most to the year-over-year gain in the all-items CPI.
Prices for services (+4.5%) continued to rise in March compared with February (+4.2%), driven by air transportation and rent, outpacing price growth for goods (+1.1%) which slowed compared with February (+1.2%) on a yearly basis.
On a monthly basis, the CPI rose 0.6% in March. Month-over-month price growth was broad-based.
On a seasonally adjusted monthly basis, the CPI rose 0.3% in March.
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