Data released moments ago by the US Bureau of Labor Statistics shows that the Consumer Price Index (CPI), which measures inflation, rose in March to its highest level since 2022, reaching 0.9%, compared to 0.3% growth in February. This fell short of expectations, which had anticipated a rise to 1%. The core CPI, which excludes food and energy prices, remained unchanged from February at 0.2% (compared to expectations of 0.3%).

Meanwhile, the annual CPI for the past 12 months rose to 3.3%, compared to 2.4% in February. This figure also fell short of expectations and reached its highest level since April 2024. The core annual CPI rose to 2.6% from 2.5%.

In detail, the energy index recorded an increase of 10.9% in March, driven by a 21.2% increase in the gasoline index, which accounted for three-quarters of the monthly increase across all sectors. The food index did not record any growth in March and rose to 2.7% year-on-year, while the housing and shelter index rose with the same reading as February, at 0.2% month-on-month and 3% year-on-year.