United States Inflation

United States

Annual inflation falls to one-year low

In March, consumer prices added 0.3% over the previous month in seasonally adjusted terms, which was below the 0.4% rise recorded in February, but in line with market expectations. The monthly price rise was mainly driven by a sharp increase in energy prices, in particular for fuel oil. Despite the monthly increase, annual headline inflation fell from 2.9% in February to 2.7%, which marks its lowest level in a year. Meanwhile, the closely monitored core inflation index, which excludes food and energy, added a milder 0.2% over the previous month. As a result, annual core inflation remained unchanged at February's 2.2%. Annual average inflation over the previous 12 months remained unchanged at February's 3.3%. In its latest forecast, the Federal Reserve expects PCE inflation (based on the price index for personal consumption expenditures) to average between 1.4% and 1.8% this year.


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Note: Year-on-year and month-on-month variation of seasonally adjusted consumer price index in %.
Source: Bureau of Labor Statistics.

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