by Calculated Risk on 4/10/2020 08:36:00 AM
The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.4 percent in
March on a seasonally adjusted basis, the largest monthly decline since January
2015, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 1.5 percent before seasonal adjustment.
A sharp decline in the gasoline index was a major cause of the monthly decrease in
the seasonally adjusted all items index, with decreases in the indexes for airline
fares, lodging away from home, and apparel also contributing. The energy index
fell 5.8 percent as the gasoline index decreased 10.5 percent.
The index for all items less food and energy fell 0.1 percent in March, its first
monthly decline since January 2010.
The all items index increased 1.5 percent for the 12 months ending March, a
notably smaller increase than the 2.3-percent increase for the period ending
February. The index for all items less food and energy rose 2.1 percent over the
last 12 months.
Overall inflation was below expectations in March. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.