GlobalConsumer prices rose a moderate and expected 0.3% last month, down from February's unrevised 0.4% gain. The increase left the y/y increase of 2.6% down from its peak of 3.9% six months ago. Prices less food and energy increased 0.2%, also as-expected. However, the rise pulled the y/y rate of gain to 2.3% which equaled its highest since September 2008.
Energy prices increased a moderated 0.9% (4.5% y/y) as gasoline prices increased 1.7% (9.0% y/y). Fuel oil costs rose a not seasonally adjusted 1.8% (4.3% y/y) but gas & electricity prices fell again by 0.4% (-1.8% y/y).
Food & beverage prices in March edged up again by 0.1% (3.2% y/y) as strength continued in prices of meats (5.3% y/y). Elsewhere, gains moderated with cereals & bakery products increasing 4.5% y/y and fruits & vegetables falling 3.7% y/y.
For goods alone, prices less food & energy have been firming. They rose 0.2% last month and the 12-month increase of 2.1% was up from a 0.3% decline late in 2010. Apparel prices rose 0.5% and the 4.9% y/y gain was up versus the 0.5% decline in 2010. Furniture & operations costs fell 0.2% (1.1% y/y) after two years when prices fell. Motor vehicle prices increased 0.6% (2.1% y/y).
The increase in core service prices of 0.2% (2.3% y/y) reflected a 0.2% rise (2.1% y/y) in shelter costs (32% of the CPI). Owners equivalent rent of primary residences also rose 0.2% (2.0% y/y). The y/y increase compares to a low of -0.3% in early 2010. Education costs rose for the fourth straight month by 0.3% (4.4% y/y) and medical care service prices rose a quickened 0.3% (3.5% y/y). Public transportation prices increased 0.5% (-0.3% y/y) after four months of decline. Recreation services costs rose 0.2% (1.2% y/y).
The chained CPI, which adjusts for shifts in consumption patterns, rose a firmer 0.6% last month (2.4% y/y). Chained prices less food & energy rose 0.4% and by 2.1% y/y.
The consumer price data is available in Haver's USECON database while detailed figures can be found in CPIDATA. The expectations figure is the AS1REPNA database.
| Consumer Price Index (%) | Mar | Feb | Jan | Mar Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 0.3 | 0.4 | 0.2 | 2.6 | 3.1 | 1.6 | -0.3 |
| Total less Food & Energy | 0.2 | 0.1 | 0.2 | 2.3 | 1.7 | 1.0 | 1.7 |
| Goods less Food & Energy | 0.2 | 0.1 | 0.2 | 2.1 | 1.3 | 1.1 | 1.3 |
| Services less Energy | 0.2 | 0.1 | 0.2 | 2.3 | 1.8 | 0.9 | 1.9 |
| Food & Beverages | 0.1 | 0.1 | 0.2 | 3.2 | 3.6 | 0.8 | 1.9 |
| Energy | 0.9 | 3.2 | 0.2 | 4.5 | 15.2 | 9.6 | -18.2 |
| Chained CPI: Total (NSA) | 0.6 | 0.4 | 0.4 | 2.4 | 2.8 | 1.4 | -0.5 |
| Total less Food & Energy | 0.4 | 0.3 | 0.2 | 2.1 | 1.5 | 0.7 | 1.5 |
