Consumer Price Index
The Bureau of Labor Statistics has unveiled the latest US inflation figures. Today’s release of March 2024 CPI data reveals that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4 percent on a seasonally adjusted basis, mirroring the increase seen in February, as reported by the U.S. Bureau of Labor Statistics. However, over the past year, the all items index surged by 3.5 percent before seasonal adjustment.
In March, the core inflation index, which excludes food and energy prices, also increased by 0.4 percent, maintaining the same rate as the two preceding months. Over the last 12 months, the all items index excluding food and energy climbed by 3.8 percent.
US Consumer Price Index
Following a peak of 9.1% in June 2022, annual inflation has markedly decelerated, notably dropping to 3% in the initial half of 2023. However, in subsequent periods, certain goods and services have either accelerated or experienced slower declines, contributing to an increase in the annual growth rate.
The resolution of pandemic-induced supply-chain disruptions has led to declines in prices for items like used cars and furniture. However, the expenses associated with services such as rent, car repairs, and auto insurance have persisted in their upward trajectory, partly due to the rapid increase in employee wages.
