Inflation Rose 5% Annually in March
Summary from the AllSides News Team
U.S. inflation rose 0.1% in March from the month before and 5% on an annual basis, according to the Bureau of Labor Statistics.
The Details: Both numbers were slightly lower than Refinitiv economists predicted, and the 5% annual jump in prices was the lowest since May 2021. The cost of shelter rose 0.6% in March from a month before, the most of any item tracked in the Consumer Price Index (CPI), and is up 8.2% from a year ago. Prices of some items remain elevated on an annual basis, such as food (8.5%), electricity (10.2%), and transportation services (13.9%). Others have fallen considerably from a year ago, including gasoline (-17.4%) and used cars and trucks (-11.2%). The core CPI, which excludes volatile food and energy prices, increased 0.4% from February and 5.6% on an annual basis.
How the Media Covered It: Sources across the spectrum highlighted how inflation rose less than some economists expected and slowed to a 2-year low, but also pointed out that key items remain expensive. USA TODAY (Lean Left bias) highlighted how core prices "accelerated on another surge in rent." Fox Business (Lean Right) said "inflation remains about three times higher than the pre-pandemic average, underscoring the persistent financial burden placed on millions of U.S. households by high prices."
Featured Coverage of this Story
From the Left
Inflation slows to 5% in March, a nearly 2-year low, but core consumer price gains accelerate
Inflation slowed for a ninth straight month in March amid drops in both gasoline and grocery price.
But an underlying inflation measure that better reflects long-term trends accelerated on another surge in rent.
Consumer prices increased 5% from a year earlier, down from 6% in February and a 40-year high of 9.1% last June, according to the Labor Department’s consumer price index.
That’s the smallest annual gain since May 2021.
On a monthly basis, prices edged up just 0.1% following a 0.4% increase in February, resuming a previous downshift.
But core prices,...
From the Center
Inflation rises just 0.1% in March and 5% from a year ago as Fed rate hikes take hold
Inflation cooled in March as the Federal Reserve’s interest rate increases showed more impact, the Labor Department reported Wednesday.
The consumer price index, a widely followed measure of the costs for goods and services in the U.S. economy, rose 0.1% for the month against a Dow Jones estimate for 0.2%, and 5% from a year ago vs. the estimate of 5.1%.
Excluding food and energy, core CPI increased 0.4% and 5.6% on an annual basis, both as expected.
The data showed that while inflation is still well above where the...
From the Right
Inflation eased in March to 5%, but core prices remain stubbornly high
Inflation showed welcome signs of cooling in March as the cost of gasoline declined, but core prices pointed to strong underlying price pressures that are still bubbling beneath the surface.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.1% in March from the previous month. Prices climbed 5% on an annual basis. Those figures were both lower than forecasts by Refinitiv economists.
It marked the slowest annual inflation rate since May 2021. Still,...
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