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April 12, 2022US CONSUMER PRICE INDEX, MARCH 2022 The United States Consumer Price Index for All Urban Consumers increased 8.5% year-over-year in March. This was above the 7.9% increase reported in February 2022 and the largest 12-month increase since the period ending December 1981.
The seasonally adjusted monthly increase was 1.2%, accelerating from the 0.8% rise last month. The largest contributor to the monthly increase was from the gasoline index which rose 18.3% and account for more than half the monthly increase. The food index was up 1.0%. The index for all items less food and energy was up 0.3% in March with contributions from shelter, airline fares, household furnishings and operations, medical care and motor vehicle insurance. The index for used cars and trucks declined 3.8% compared to February 2022.
The 12-month change in the CPI - all items less food and energy accelerated to a 6.5% increase in March 2022. This was the largest 12-month increase since the period ending August 1982. Over the past 12 months, the energy index was up 32.0% with gasoline up 48.0%. The food index increased 8.8% compared to March 2021.
Note:
Canada and Nova Scotia March 2022 CPI figures will be released on April 20, 2022.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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