Market Data 
- Inflation as measured by the Consumer Price Index ticked up again in March.
- The CPI rose 3.5% from March 2023 to this past March, after rising 3.2% year over year in February.
- March’s year-over-year increase was forecasted to be a higher rate than February’s rate.
US inflation is hot again.
A Wednesday news release from the Bureau of Labor Statistics said the Consumer Price Index increased 3.5% for the 12 months ending in March. The forecast for March’s year-over-year increase in the CPI was 3.4%, a higher rate than the 3.2% increase or the 3.1% increase in February or January respectively.
The rate came in above the forecast and was higher than February’s year-over-year change.
CPI increased 0.4% in March from the preceding month — same as the 0.4% surge in February. That’s also comparable to the forecast of 0.3%.
Core CPI, which excludes volatile food and energy prices, increased 3.8% year over year in March. That’s above the forecast of 3.7% and same as February’s 3.8%.
Core CPI also rose by 0.4% again. The expected increase was 0.3%.
Julia Pollak, chief economist at ZipRecruiter, told Business Insider the jobs report released on Friday was “the Fed’s holy grail: strong job market with non-inflationary growth.”
The US added 303,000 jobs in March, a robust gain after the strong 270,000 gain in February. Pollak said the increases in both job growth and the work week along with the drop in the unemployment rate are “all good signs about the enduring strength of the labor market and its dynamism.” She also noted the slower wage growth, which she said is “good news for a Fed that’s still battling inflation.”
Average hourly earnings increased 4.1% year over year to $34.69 an hour in March, which fell short of the 4.3% year-over-year increase in February.
This is a developing story. Please check back for updates.
