Inflation Rises 5 Percent in March – Lowest Rate in Almost 2 Years
Prices rose at their lowest annual rate in nearly two years in the month of March, According to data from the Labor Department, the consumer price index (CPI), a measure of the price of goods and services, rose 5% in…
Prices rose at their lowest annual rate in nearly two years in the month of March,
According to data from the Labor Department, the consumer price index (CPI), a measure of the price of goods and services, rose 5% in March compared to the previous year.
The latest report marked a decrease from the 6% annual rate in February. And it was the smallest increase since May 2021.
Core CPI, which excludes energy and food prices, rose 5.6% annually in March compared to 5.5% in February.
While the prices rose at their slowest rate in almost two years, March’s Inflation was still above the Federal Reserve’s target rate of 2%.
Heather Long, an economic correspondent at The Washington Post, tweeted, “Encouraging sign: 5% (y/y) Inflation in March. That’s the lowest since May 2021. Monthly Inflation gain of +0.1% is also one of the lowest in recent months. Most Inflation is now being drive by rent.”
Meanwhile, Jason Furman, an economic adviser to former President Barack Obama, noted in May 2021