The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in March on a seasonally adjusted basis, the same increase as in February, the U.S. Bureau of Labor Statistics (BLS) noted in a release posted on its website this week, adding that, over the last 12 months, the all items index increased 3.5 percent before seasonal adjustment.
“The index for shelter rose in March, as did the index for gasoline,” the BLS stated in the release.
“Combined, these two indexes contributed over half of the monthly increase in the index for all items,” it added.
“The energy index rose 1.1 percent over the month. The food index rose 0.1 percent in March. The food at home index was unchanged, while the food away from home index rose 0.3 percent over the month,” it continued.
In the release, the BLS revealed that the gasoline index increased 1.7 percent in March and noted that, before seasonal adjustment, gasoline prices rose 6.4 percent last month. The BLS highlighted in the release that the energy index rose 1.1 percent in March after increasing 2.3 percent in February.
The index for electricity rose 0.9 percent in March, while the index for natural gas was unchanged over the month, the BLS said in the release, adding that the fuel oil index decreased 1.3 percent in March.
The BLS highlighted in the release that the energy index increased 2.1 percent, the gasoline index rose 1.3 percent, and the electricity index increased 5.0 percent over the past 12 months. The index for natural gas decreased 3.2 percent and the index for fuel oil decreased 3.7 percent over the last 12 months, the BLS revealed.
The BLS noted in the release that the index for all items less food and energy rose 0.4 percent in March, “as it did in each of the two preceding months”.
“Indexes which increased in March include shelter, motor vehicle insurance, medical care, apparel, and personal care. The indexes for used cars and trucks, recreation, and new vehicles were among those that decreased over the month,” it added.
“The all items index rose 3.5 percent for the 12 months ending March, a larger increase than the 3.2 percent increase for the 12 months ending February. The all items less food and energy index rose 3.8 percent over the last 12 months,” it continued.
“The energy index increased 2.1 percent for the 12 months ending March, the first 12-month increase in that index since the period ending February 2023. The food index increased 2.2 percent over the last year,” it went on to state.
In a statement on the March Consumer Price Index posted on the White House website this week, U.S. President Joe Biden said the report “shows inflation has fallen more than 60 percent from its peak, but we have more to do to lower costs for hardworking families”.
“Fighting inflation remains my top economic priority. We’re making progress: wages are rising faster than prices, incomes are higher than before the pandemic, and unemployment has remained below four percent for the longest stretch in 50 years. But we have more to do,” he added.
The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services, the BLS highlighted in the release, which revealed that the Consumer Price Index for April 2024 is scheduled to be released on May 15.
As of April 12, the U.S. average regular gasoline price is $3.634 per gallon, according to the AAA Gas Prices website. Yesterday’s average was $3.630 per gallon, the week ago average was $3.582 per gallon, the month ago average was $3.394 per gallon, and the year ago average was $3.621 per gallon, the site shows.
To contact the author, email andreas.exarheas@rigzone.com
What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.