U.S. consumer inflation eased in March, with less expensive gas and food providing some relief to households that have struggled under the weight of surging prices for nearly two years
The government said Wednesday that consumer prices rose just 0.1% from February to March, down fromMeasured from a year earlier, prices were up just 5% in March, down sharply from February’s 6% year-over-year increase and the smallest rise in nearly two years. Much of the drop resulted from price declines for such goods as gas, used cars and furniture, which had soared a year ago after Russia’s invasion of Ukraine.
Still, there were positive signs in Wednesday's report that suggested that inflation pressures are cooling. Rental costs rose 0.5% from February to March, still high but the smallest increase in a year. Grocery prices fell 0.3%. That was the first such drop in 2 1/2 years and was a welcome respite for Americans suffering from painfully elevated food costs.
— and efforts by central banks, including the Fed, to fight it — would likely slow global growth this year and next. Still, Apartment List, which tracks real-time changes in new leases, shows rents rising at a 2.6% pace compared with a year ago. As more apartments reset with those smaller increases, the government’s inflation data should show milder increases in coming months.
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