US consumer inflation significantly eases to 5% in March

By Ovunc Kutlu

ISTANBUL (AA) – The annual consumer inflation in the US came in at 5% in March, significantly easing from 6% in February, according to official figures released Wednesday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, also came below the market estimate of 5.2%.

The figure was the smallest 12-month increase since the period ending May 2021, while it marked a sharp decline from June's 9.1% yearly gain, the largest since November 1981.

On a monthly basis, CPI rose 0.1% in March from the previous month, also coming below the market expectation of 0.2%. The figure for January was unrevised at 0.4%.

"The energy index decreased 6.4 percent for the 12 months ending March, and the food index increased 8.5 percent over the last year," the Labor Department said in a statement.

Core CPI, which excludes food and energy, gained 0.4% in March from the previous month, coming in line with the market estimate. February's reading was unrevised at 0.5%.

Annually, core CPI rose 5.6% in March, also in line with market expectations, after it rose 5.5% in February year-on-year.