Inflation cooled for the ninth month in a row in March, with prices rising at the slowest rate in nearly 2 years
The pace of US consumer price increases continued to cool down in March from last summer’s scorching-hot levels: Annual inflation, as measured by the Consumer Price Index, dropped for the ninth consecutive month, the Bureau of Labor Statistics reported Wednesday. Prices rose 5% for the 12 months ended in March, down from 6% in February. It’s the smallest 12-month increase since May 2021. On a monthly basis, CPI, which measures price changes over time for a basket of goods, ticked up 0.
CPI is one of the major inflation gauges that’s being watched like a hawk by the Federal Reserve, which is in the throes of a yearlong campaign to battle inflation through monetary tightening and stark interest rate hikes. That fight grew more complex in March with the collapse of two regional US banks, which then caused turmoil in the financial industry. The Fed, the Treasury Department and the Federal Deposit Insurance Corporation stepped in to shore up depositors and prevent future bank runs.
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