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BLS: CPI increased 1.2% in March; Core CPI increased 0.3%

by Calculated Risk on 4/12/2022 08:33:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2 percent
in March on a seasonally adjusted basis after rising 0.8 percent in February,
the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 8.5 percent before seasonal adjustment.

Increases in the indexes for gasoline, shelter, and food were the largest
contributors to the seasonally adjusted all items increase. The gasoline
index rose 18.3 percent in March and accounted for over half of the all items
monthly increase; other energy component indexes also increased. The food index
rose 1.0 percent and the food at home index rose 1.5 percent.

The index for all items less food and energy rose 0.3 percent in March following
a 0.5-percent increase the prior month. The shelter index was by far the biggest
factor in the increase, with a broad set of other indexes also contributing,
including those for airline fares, household furnishings and operations, medical
care, and motor vehicle insurance. In contrast, the index for used cars and
trucks fell 3.8 percent over the month.

The all items index continued to accelerate, rising 8.5 percent for the 12
months ending March, the largest 12-month increase since the period ending
December 1981. The all items less food and energy index rose 6.5 percent, the
largest 12-month change since the period ending August 1982. The energy index
rose 32.0 percent over the last year, and the food index increased 8.8 percent,
the largest 12-month increase since the period ending May 1981.

emphasis added

CPI was at expectations and core CPI was lower than expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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