April 10, 2026
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI‑U) increased 0.9% on a seasonally adjusted basis in March 2026 — the largest single-month increase since June 2022 — following a 0.3% gain in February. Over the past 12 months, the all items index rose 3.3% before seasonal adjustment, above both the 3.1% market consensus and February’s 2.4% reading.
The shelter index rose 0.4% on a month-on-month basis, slightly above February’s 0.3% increase, and remained a secondary contributor to the monthly rise. Core goods inflation rose, with apparel up 3.4% year-on-year. Core services (excluding energy) continued to represent the primary driver of underlying inflationary pressures.
The energy component was the dominant force in March. Gasoline prices surged 21.2% on a seasonally adjusted basis and 24.9% on an unadjusted basis — their largest monthly increase on record — reflecting disruptions to global oil flows stemming from the Iran conflict and the closure of the Strait of Hormuz. Gasoline alone accounted for nearly three-quarters of the overall monthly increase.
Excluding food and energy, core CPI increased 2.6% year-on-year in March, above February’s 2.5% reading and in line with the market consensus. On a seasonally adjusted monthly basis, core CPI rose 0.2%, unchanged from February’s pace. Core services inflation edged back to 3.0% year-on-year from 2.9% in February, while core goods inflation firmed to 1.2% year-on-year from 1.0, driven partly by apparel.
For the 12 months ending in March, the all items less food and energy index rose 2.6%. The rent of shelter increased 3.0% year-on-year, with owners’ equivalent rent up 3.1% and rent of primary residence up 2.6% — both edging slightly lower than their February readings, suggesting the broader shelter softening trend remains tentatively intact.
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