The Bureau of Labor Statistics released this report April 12, 2023:
CONSUMER PRICE INDEX – MARCH 2023
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in March on a seasonally adjusted basis, after increasing 0.4 percent in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 5.0 percent before seasonal adjustment.
The index for shelter was by far the largest contributor to the monthly all items increase. This more than offset a decline in the energy index, which decreased 3.5 percent over the month as all major energy component indexes declined. The food index was unchanged in March with the food at home index falling 0.3 percent.
The index for all items less food and energy rose 0.4 percent in March, after rising 0.5 percent in February. Indexes which increased in March include shelter, motor vehicle insurance, airline fares, household furnishings and operations, and new vehicles. The index for medical care and the index for used cars and trucks were among those that decreased over the month.
The all items index increased 5.0 percent for the 12 months ending March; this was the smallest 12-month increase since the period ending May 2021. The all items less food and energy index rose 5.6 percent over the last 12 months. The energy index decreased 6.4 percent for the 12 months ending March, and the food index increased 8.5 percent over the last year.
Food
The food index was unchanged in March. The food at home index fell 0.3 percent over the month, the first decline in that index since September 2020.
Three of the six major grocery store food group indexes decreased over the month. The index for meats, poultry, fish, and eggs decreased 1.4 percent in March as the index for eggs fell 10.9 percent. The fruits and vegetables index declined 1.3 percent over the month, and the dairy and related products index decreased 0.1 percent.
In contrast, the index for other food at home rose 0.4 percent in March, following a 0.3-percent increase the previous month. The cereals and bakery products index increased 0.6 percent over the month, and the nonalcoholic beverages index rose 0.2 percent.
The food away from home index rose 0.6 percent in March, as it did in the previous 2 months. The index for full service meals increased 0.7 percent over the month and the index for limited service meals increased 0.5 percent.
The food at home index rose 8.4 percent over the last 12 months. The index for cereals and bakery products rose 13.6 percent over the 12 months ending in March. The remaining major grocery store food groups posted increases ranging from 2.5 percent (fruits and vegetables) to 11.3 percent (nonalcoholic beverages).
The index for food away from home rose 8.8 percent over the last year. The index for full service meals rose 8.0 percent over the last 12 months, and the index for limited service meals rose 7.9 percent over the same period.
