Consumer Price Index Shows 0.7% Increase

CPI-U Increases 0.4% in March

March 2024 Index Increase Predictable

The Consumer Price Index for All Urban Consumers (CPI-U) showed a 0.4% increase in March, according to the Bureau of Labor Statistics. This increase was in line with expectations, as the index has been trending upward in recent months.

The increase in the CPI-U was driven by a number of factors, including rising energy prices and food costs. Energy prices increased by 0.9% in March, while food costs rose by 0.5%. These increases were partially offset by a 0.3% decrease in the price of used cars and trucks.

On a year-over-year basis, the CPI-U has increased by 2.6%. This is above the Federal Reserve's target inflation rate of 2%. The Fed is expected to raise interest rates in an effort to curb inflation.

The next CPI-U report is scheduled to be released on April 12, 2024.