By Tom Burnett CFA
On April 12, 2022, the Bureau of Labor Statistics announced the Consumer Price Index data for March. The Index rose 1.2% from the prior month and is now up 8.5% from a year earlier. The increase in February was 0.8% and the March figure was the highest since the 0.9% increase last October. The price index for gasoline rose 18.3% in March and accounted for over half of the overall monthly increase. The Index for food rose 1.0% in the month. The CPI increased 8.5% in the 12 months ending in March, the largest annual increase since the period ending in December 1981.
The Core Index (excluding food and energy) rose 0.3% in March, after an increase of 0.5% in February. The Core Index rose 6.5% in the 12-month period ending in March, the largest year-over-year increase since August 1982. The Energy Index rose 32% in the past year, while the Food Index rose 8.8%, the largest yearly increase since the period ending May 1981. The Shelter Index rose 5.0% over the past 12 months, the largest 12-month increase since May 1991.
The next CPI report will be issued on May 11, 2022.
Tom Burnett CFA is Director of Research