April 10 (UPI) — The Bureau of Labor Statistics reported Thursday that the Consumer Price Index fell 0.1% in March to hit an annual rate of 2.4% before seasonal adjustment.
“The index for energy fell 2.4% in March, as a 6.3% decline in the index for gasoline more than offset increases in the indexes for electricity and natural gas,” the BLS said in a statement. “The food index, in contrast, rose 0.4% in March as the food at home index increased 0.5% and the food away from home index rose 0.4% over the month.”
Egg prices rose 5.9% and beef was up 1.2%. natural gas prices increased 3.6%.
Excluding food and energy, CPI inflation was up 0.1% in March compared with a 0.2% decline in February.
The March core inflation rate was the lowest since March 2021.
Shelter prices were up 0.2% in March for an annual increase of 4%.
Stock market futures pointed to a lower open on Wall Street Thursday while Treasury bond yields were also down.
Prices were higher in March for personal care, medical care, education, apparel, and new vehicles. They were lower for used cars and trucks, motor vehicle insurance, airline fares, and recreation.
“The energy index decreased 3.3% over the past 12 months. The gasoline index fell 9.8% over these 12 months and the fuel oil index fell 7.6% over that period. In contrast, the index for electricity increased 2.8% over the last 12 months and the index for natural gas rose 9.4%,” the BLS said.
