Inflation rate decreased 6% in February to 5% in March 2023, which was below market expectations of 5.2% and the lowest level since May 2021.
Food prices increased less quickly than they did in February (9.5% vs. 8.5%), while energy costs decreased (-6.4% vs. +5.2%), particularly for gasoline (-17.4%) and fuel oil (-14.2%). The cost of used automobiles and trucks also decreased (-11.6% vs. -13.6%) at the same time.
On the other hand, housing inflation, which makes up over 30% of the CPI basket overall, continued to rise (8.2% vs. 8.1%). The CPI increased by 0.1% from the previous month, which was less than the 0.2% consensus estimate. Higher prices for housing (0.6%) offset a 3.5% decline.
United States Inflation Rate
In the United States, unadjusted Consumer Price Index for All Urban Consumers is based on the prices of a market basket of: Food (14% of total weight); Energy (8%); Commodities Less Food & Energy Commodities (21%) and Services Less Energy Services (57%). The last category is divided by: Shelter (32%), Medical Care Services (7%) and Transportation Services (6%).
