Falling energy prices helped bring down the inflation rate.
The gasoline index dropped 4.6% in March . But annual gas prices, which surged in the aftermath of the Russian invasion of Ukraine last spring, have dropped 17.4%. Fuel oil also fell 14.2% while electricity costs have climbed 10.2% in a year.“The oil market has had a few days to digest the OPEC news and speculate about the reason. This has led to the price of oil stabilizing for now,” said AAA spokesperson Andrew Gross.
The shelter index, which includes rent prices and owner equivalent rent, climbed 0.6% in March putting the yearly price jump at 8.2%. Economists have said housing costs often lag in the consumer price index withhave inched down in recent months. The national median rent is now $1,937 down from a $2,053 August peak.
The Federal Reserve has raised interest rates nine times since March 2022 as it attacks inflation. The Fed will next meet on May 2.
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