The Partnership sends updates for the most important economic indicators each month. If you would like to opt-in to receive these updates, please click here. 

Estimated Reading Time: 1 minute

Inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), rose 0.6 percent in March and 3.5 percent over the last 12 months, according to data released today by the U.S. Bureau of Labor Statistics. Core inflation, which excludes the volatile food and energy categories, rose 0.5 percent in March and 3.8 percent over the year. (Note: The CPI numbers reported here are not seasonally adjusted.)

With core inflation well above the Federal Reserve’s 2.0 percent target, the bank will likely postpone lowering interest rates until late summer or early fall.

Restaurant meals, electricity, motor vehicle insurance, motor vehicle repairs, shelter, and the other goods and services category saw the greatest year-over-year price increases. Apparel, food at home (i.e. groceries), education, and communications services saw modest increases. Utility gas, household furnishings, used cars and trucks, gasoline, airfares and recreation services saw price declines. 

The next release of national CPI data will be on Wednesday, May 15, 2024.

Prepared by Greater Houston Partnership Research

Patrick Jankowski, CERP
Chief Economist
Senior Vice President, Research
pjankowski@houston.org

Leta Wauson
Research Director
lwauson@houston.org