US Core CPI Rises as Expected

Core consumer prices in the United States, which exclude food and energy, rose by 0.2% from the previous month in March of 2026, maintaining the growth rate from February and slightly below market expectations of a sharper 0.3% increase. Costs rose firmly for transportation services (0.6%), lifted by the indirect impact from higher energy prices after the outbreak of war in the Middle East prevented tanker flows from the Strait of Hormuz. In the meantime, prices also rose firmly for shelter (0.3%), the most so far this year, and apparel (1%). In turn, prices rose less for new vehicles (0.1%) and fell sharply for used cars and trucks (-0.4%). From the previous year, core consumer prices rose by 2.6%.

Core consumer prices in the United States, which exclude food and energy, rose by 0.2% from the previous month, easing slightly from the 0.3% increase in the previous month to match market expectations. Consumer prices rose sharply for medical care services (0.6% vs 0.3% in January) and rose less for shelter (0.2% vs 0.2%) and transportation services (0.6% vs 0.3%). In turn, costs were more muted for new vehicles (0.1% vs unchanged) and fell further for used cars and trucks (-0.4% vs -1.8%). Annually, core inflation was at 2.5%.

Core consumer prices in the US, which exclude food and energy, rose by 0.3% from the previous month in January of 2026, picking up from the 0.2% increase in the previous month and in line with market expectations. It was the sharpest increase since August of the previous year, with two reports being suspended since then due to the federal government shutdown. Prices rose sharply for transportation services (1.4% vs 0.4% in December 2025). In turn, inflation slowed for shelter (0.2% vs 0.4%), while deflation picked up for used cars and trucks (-1.8% vs -0.9%).