The pace of increases in US consumer pricing continued to slow in March from last summer’s levels.
According to the consumer price index, annual inflation growth fell for the ninth consecutive month, the U.S. Bureau of Labor Statistics reported on Wednesday.
Prices rose 5 percent for the 12 months to March, down from 6 percent in February. This is the smallest increase in 12 months since May 2021.
On a monthly basis, the consumer price index, which measures price changes over time for a basket of goods, rose 0.1 percent from February, compared with a previous increase of 0.4 percent.
Housing costs were the biggest contributor to the monthly increase, offsetting sharp declines across energy categories.
Read: The devisive games global nations play will spike inflation
Economists had expected a 5.2 percent year-on-year increase and a 0.2 percent monthly increase, according to Refinitiv.
Excluding the often volatile components of food and energy, the core CPI grew 0.4 percent month-on-month, resulting in an annual growth rate of 5.6 percent.
The core CPI accelerated in February by 0.5 percent month-on-month and 5.5 percent year-on-year.
The consumer price index is one of the main inflation measures monitored by the Federal Reserve.
For more on the economy, click here.