The CPI declined 0.1 percent in March, while the twelve-month rate slowed to 2.4 percent. Lower gasoline prices played an important role.
Energy can dominate a month
A sharp fuel move can pull down the headline even when shelter and services remain firmer.
The timing boundary mattered
March price collection could not answer how April trade changes would affect future costs.
Deflation was too broad a label
One negative monthly reading did not mean prices across the economy were generally falling.
Sources
- U.S. Bureau of Labor Statistics, Consumer Price Index, March 2025.