The Consumer Price Index for All Urban Consumers rose 0.1% on a seasonally adjusted basis in March, down from the 0.4% increase reported in February, according to data provided by the U.S. Bureau of Labor Statistics on April 12.
Over the last 12 months, the all-items index increased 5% before seasonal adjustment, according to the data. It was the smallest 12-month increase since the period ending May 2021.
The index for shelter, which increased 0.6% in March, was the largest contributor to the monthly all-items index for the second straight month, BLS said, as rent costs continue to rise for consumers.
The energy index declined 3.5% as all major energy component indexes fell in March, according to BLS. The index for food remained unchanged.
The index for all items other than food and energy, known as core CPI, rose 0.4% in March following a 0.5% increase in February. Categories that increased in March include motor vehicle insurance, airline fares, household furnishings and operations, and new vehicles.
The index for medical care and the index for used cars and trucks were among those that decreased over the month, according to the data.