The consumer price index increased by 3.5% on an annual basis in March 2024, according to the U.S. Bureau of Labor Statistics. While there are some positive aspects such as food prices and household buying power, inflation seems to be persisting due to higher prices for consumer staples and housing.
The consumer price index rose 3.5% in March 2024, on an annual basis, according to the U.S. Bureau of Labor Statistics. That's up from 3.2% in February.There are some bright spots like food prices, though. Household buying power is also up over the past year as wage growth has outstripped inflation.
While housing costs have moderated, they account for the largest share of the CPI inflation index and"are still growing strongly," he added. "It's still, broadly speaking, a rewarding environment out there for workers," said Mark Hamrick, senior economic analyst at Bankrate."The job market remains supportive and wage gains are helping to unwind some of damage done by the historic surge in inflation."Gasoline prices increased 1.7% from February to March, the Bureau of Labor Statistics said.
Shelter, motor vehicle insurance, medical care, apparel and personal care were notable contributors to monthly inflation from February to March, the agency said. "Food prices have come to a standstill," Zandi said."For most Americans, the thing that bothers them the most about inflation is high food prices."At a high level, supply-and-demand imbalances are what trigger out-of-whack inflation.
Consumer Price Index Inflation U.S. Bureau Of Labor Statistics Economy Prices Household Buying Power
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