US Consumer Price Index Rises 0.7% Unadjusted in March
Key Takeaways from the CPI Report
The US Consumer Price Index (CPI) for All Urban Consumers (CPI-U) increased by 0.7% on a not seasonally adjusted basis in March 2024. This marks a significant increase from the previous month, when the index rose by only 0.4%.
The unadjusted CPI has been steadily rising in recent months, reflecting the impact of global economic conditions, supply chain disruptions, and high energy prices. The index increased by 1.2% in January and 0.9% in February, before accelerating to 0.7% in March.
Factors Contributing to the Increase
The March CPI increase was driven by several factors, including:
- Rising gasoline prices, which increased by 5.4% in March.
- Increased costs for food and beverages, with the food index rising by 0.5%.
- Higher prices for shelter, with the rent index rising by 0.5%.
Other components of the CPI also contributed to the overall increase, although their impact was less significant.
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